The stable outlook on Thai Oil reflects the outlook on the company's parent, PTT Public Co. Ltd., and our view that Thai Oil will remain a highly strategic member of the PTT group, given the company's operational link with the parent and its role as the group's major complex refinery. We may lower the rating on Thai Oil in any of the following scenarios: We downgrade PTT; or We perceive Thai Oil's status within the group to have eroded significantly and we lower its stand-alone credit profile (SACP) by two notches. Indications of such deterioration include, but not limited to, lower integration between Thai Oil and PTT because of reduced shareholding by the parent, a termination of crude oil supply
