S&P rates Thaioil notes BBB+

S&P said it assigned a BBB+ rating to Thaioil Treasury Center Co. Ltd.’s proposed offering of senior unsecured notes.

Thaioil’s parent Thai Oil fully guarantees the notes.

“The proposed issuance does not alter our view of Thai Oil’s debt position in 2019-2023. This is because the proceeds will be used for general corporate purposes and capital expenditure. We anticipate the majority of it will go toward Thai Oil’s $4.8 billion Clean Fuel Project (CFP), which we include in our base-case scenario,” said S&P in a press release.

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