Fitch affirms ESSO

Fitch Ratings said it affirmed the F1(tha) short-term national rating of ESSO (Thailand) Public Company Ltd.'s p to 8 billion Thai baht bills of exchange revolving program.

The rating reflects ESSO's complex refinery capacity, competitive raw material acquisition, cost competitiveness and established brand name, the agency said.

ESSO's credit profile is tempered by its high vulnerability to oil prices and gross refinery margin fluctuations, as well as the cyclicality of its PX business, the agency said, and exposure to supply risk.

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