Thai Oil Public Co. Ltd. Apr 11

Standard & Poors, April 2011

Abstract
Operational integration with and strategic importance to PTT Public Co. Ltd. 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. (BBB+/Stable/--). The rating also reflects Thaioil's favorable cost structure, flexibility in feedstock selection, and strong domestic market position. Inherent industry risks, the recovering outlook for the refinery and aromatics industries, and the company's single-site and customer concentration risks partly offset these strengths. Thaioil's refinery and lube margins improved...

Companies mentioned in this report are: Thai Oil Public Co. Ltd.,PTT Exploration and Production Public Co. Ltd.,PTT Public Co. Ltd.,PTT Chemical Public Co. Ltd.,PTT Aromatics and Refining Public Co. Ltd. (PTTAR),IRPC Public Co. Ltd.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Thai Oil Public Co. Ltd.,PTT Exploration and Production Public Co. Ltd.,PTT Public Co. Ltd.,PTT Chemical Public Co. Ltd.,PTT Aromatics and Refining Public Co. Ltd. (PTTAR),IRPC Public Co. Ltd.

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