Fitch affirms Thai Oil

Fitch Ratings said it affirmed Thai Oil plc's national long-term rating at AA-(tha), national short-term rating at F1+(tha) and its national long-term rating on outstanding senior unsecured and unsubordinated debentures amounting to 5.5 billion in Thai baht at AA-(tha).

The outlook remains stable.

The ratings reflect the company's strategic importance to PTT plc as the group's major refinery, Fitch said, and its high operational interdependence with PTT. The ratings also reflect its large scale, highly complex production capacity and cost competitiveness, the agency said.

Its diversification into the power business should help partially offset earnings volatility from the refining business, Fitch added.

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