Operational integration with and strategic importance to PTT Public Co. Ltd. Favorable cost structure and flexibility in feedstock selection Strong domestic market position Single-site and customer concentration risks Inherent industry risks Weak outlook for the refinery and aromatics industries The ratings on Thai Oil Public Co. Ltd. (Thaioil) reflect the support the company continues to receive from its operational integration with, and strategic importance to, state-owned oil and gas conglomerate PTT Public Co. Ltd. (BBB+/Negative/--). The ratings also reflect the company's favorable cost structure, flexibility in feedstock selection, and strong domestic market position. These strengths are partially offset by Thaioil's single-site and customer concentration risks, inherent industry risks, and the weak outlook for the refinery and aromatics industries. In our
