S&P affirms Thai Oil

Standard & Poor's said it affirmed its BBB long-term corporate credit rating on Thai Oil PCL. The outlook is stable.

At the same time, the agency said it affirmed its BBB issue rating on the company's $350 million senior unsecured notes due 2015.

The agency said it affirmed the ratings on Thai Oil to reflect the support the company continues to receive from its operational integration with and strategic importance to state-owned oil and gas conglomerate PTT PCL.

"The ratings also reflect Thai Oil's favorable cost structure, flexibility in feedstock selection and strong domestic market position," said S&P credit analyst Andrew Wong in a news release.

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