Thaioil's strong liquidity and positive free operating cash flow should mitigate weaker credit metrics in the next 12-18 months. We are affirming the 'BBB' corporate credit rating and existing issue ratings on Thaioil and affirming the 'axA' ASEAN scale rating on the company. We are assigning a 'BBB' issue rating to a proposed issue of senior unsecured notes. The stable outlook reflects the outlook on PTT because the rating on Thaioil factors in strong parental linkage and support. SINGAPORE (Standard&Poor's) Jan. 9, 2013--Standard&Poor's Ratings Services today affirmed its 'BBB' long-term corporate credit rating and 'axA' ASEAN regional scale rating on Thailand-based Thai Oil Public Co. Ltd. (Thaioil). The outlook on the corporate credit rating is stable.
