SINGAPORE (Standard&Poor's) June 26, 2015--Standard&Poor's Ratings Services today assigned its 'BBB' long-term issue rating to the proposed US$1 billion multi-currency global medium-term note (MTN) program by Thai Oil Public Co. Ltd. (BBB/Stable/--; axA/--). At the same time, we assigned our 'axA' long-term ASEAN regional scale rating to the program. The rating on the program is subject to our review of the final issue documentation. The rating on the program is the same as the corporate credit rating on Thai Oil because we expect the company's ratio of priority liabilities to total assets to remain lower than the threshold of 20% for investment-grade companies. Thai Oil, the issuer of the program, is the operating company for the
