Fitch affirms Thai Oil

Fitch Ratings said it affirmed Thai Oil PCL's national long-term rating at AA-(tha) and its national short-term rating at F1+(tha), along with an AA-(tha) national long-term rating on its outstanding senior unsecured and unsubordinated debentures amounting to 8.5 billion in Thai baht.

The outlook remains stable.

The ratings reflect the company's strategic and operational links to PTT PCL as a major refinery, its large scale, highly complex production capacity and its cost competitiveness, the agency said.

Its move into the power business should help partially offset the earnings volatility of the refining business, although the contribution of this to EBITDA is relatively small, Fitch said.

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