Operational integration with, and strategic importance to, PTT Favorable cost structure and flexibility in feedstock selection Strong domestic market position Inherent industry risks Recovering outlook for the refinery and aromatics industries Single-site and customer concentration risks The rating on Thai Oil Public Co. Ltd. (Thaioil) reflects the support the company receives from its operational integration with, and strategic importance to, state-owned oil and gas conglomerate PTT Public Co. Ltd. (PTT; BBB+/Stable/--). The rating also reflects Thaioil's favorable cost structure, flexibility in feedstock selection, and strong domestic market position. The company's financial ratios are somewhat better than what we would expect for the rating. Inherent industry risks and Thaioil's single-site and customer concentration risks partly offset these strengths. We assess Thaioil's
