MUMBAI (Thomson Financial) - Fitch Ratings (Thailand) Ltd. said it has
assigned its 'AA-(tha)' national long-term ratings to Thai Oil Public Company
Ltd.'s upcoming (TOP) unsecured and unsubordinated debentures of up to 3.0
billion baht, with a 5-year maturity.
The outlook on the ratings is stable.
Fitch said the ratings reflect TOP's strategic importance to PTT Public
Company Ltd. (PTT) as the group's major refinery, as well as its large scale,
complex production capacity and cost competitiveness.
However, the company's credit profile is tempered by its high vulnerability
to oil prices and gross refinery margin fluctuations, as well as the cyclicality
of the petrochemicals business, the ratings firm added.
The stable outlook reflects TOP's strong market position, supported by its
cost competitiveness and a conservative financial policy.
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