Moody’s has also affirmed the provisional “(P)Baa1” senior unsecured rating on the listed company’s US$2-billion (Bt63.6 billion) global medium-term note programme, of which Thai Oil and Thaioil Treasury Centre (Thaioil TC) are co-issuers.

Thaioil TC is a wholly owned subsidiary of Thai Oil.

At the same time, the ratings firm has affirmed the “Baa1” ratings on Thaioil TC’s backed senior unsecured notes, which are unconditionally and irrevocably guaranteed by Thai Oil.

The outlook is maintained at stable for both Thai Oil and Thaioil TC.