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Petroleum industry

Moody's Assigns Provisional Rating to Thai Oil's MTN Programme

Strategic Insights

— 1 min read

Moody's Investors Service has assigned a provisional (P)Baa1 rating to Thai Oil Public Company Limited's proposed $1 billion medium-term note (MTN) programme. The rating affirmation is based on the company's Baa1 senior unsecured debt ratings and stable outlook, which were affirmed on 29 June 2015. The proceeds from the notes to be issued will be used for general corporate purposes.

Thai Oil is the leading integrated publicly listed refining and petrochemical companies in Thailand, operating the largest single-site refinery in the country with a nameplate capacity of 275,000 barrels per day (bpd). The company is 49.1% owned by PTT Public Company Ltd, which in turn is 51.1% owned by the Thai Government.

Key Takeaways:

  • Moody's has assigned a provisional (P)Baa1 rating to Thai Oil's proposed $1 billion MTN programme.
  • The rating affirmation is based on Thai Oil's Baa1 senior unsecured debt ratings and stable outlook, which were affirmed on 29 June 2015.
  • The proceeds from the notes to be issued will be used for general corporate purposes.
  • Thai Oil operates the largest single-site refinery in Thailand, with a nameplate capacity of 275,000 bpd.
  • The company is 49.1% owned by PTT Public Company Ltd, which in turn is 51.1% owned by the Thai Government.
  • Moody's used the Global Refining and Marketing Rating Methodology published in December 2009 in assigning the rating.
  • Thai Oil is the leading integrated publicly listed refining and petrochemical companies in Thailand.

Statistics:

  • $1 billion: The proposed amount of Thai Oil's MTN programme.
  • 29 June 2015: The date when Moody's affirmed Thai Oil's Baa1 senior unsecured debt ratings and stable outlook.
  • 275,000 bpd: The nameplate capacity of Thai Oil's largest single-site refinery in Thailand.
  • 49.1%: The percentage ownership of Thai Oil by PTT Public Company Ltd.
  • 51.1%: The percentage ownership of PTT Public Company Ltd by the Thai Government.

Sources:

  • Moody's Investors Service
  • Global Refining and Marketing Rating Methodology, published in December 2009

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