S&P rates Thai Oil, notes BBB

Standard & Poor's said it assigned its BBB corporate credit ratings to Thai Oil Public Co. Ltd. and assigned its BBB rating to a proposed $250 million of 10-year senior unsecured notes.

The outlook is stable.

S&P said the ratings on Thai Oil reflect its strong domestic market position, favorable cost efficiency and its rapidly improving financial profile.

These strengths, though, are offset by the inherent risk in the refining industry, Thai Oil's low degree of operational integration and its dependence on a small number of customers, the agency said.

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