Moody’s revises Thai Oil’s outlook to stable from negative

Moody’s Investors Service has affirmed Thai Oil Public Company Limited’s Baa3 senior unsecured debt ratings.

Moody’s has also affirmed (1) the provisional (P)Baa3 senior unsecured rating on the global medium-term note program co-issued by Thai Oil and its wholly-owned subsidiary, Thaioil Treasury Center Company Limited (Thaioil TC); and (2) the Baa3 rating on Thaioil TC’s backed senior unsecured notes, which are unconditionally and irrevocably guaranteed by Thai Oil.

At the same time, Moody’s has changed the rating outlook to stable from negative.

“The outlook revision to stable reflects our view that Thai Oil’s financial profile will benefit from the buoyant market environment, which will offset some of the pressure stemming from incremental costs for the company’s refinery expansion project as well as a delay in its completion,” says Hui Ting Sim, a Moody’s…