Thai Oil Public Company Limited (SET: TOP) states that as of December 20, 2024, S&P Global Ratings announced that it has maintained the credit rating of Thai Oil at BBB. This rating demonstrates the company’s financial strength at an investment-grade level.
However, S&P has revised its credit watch to a negative outlook due to delays and increased expenses in the Clean Fuel Project (CFP).
Meanwhile, on December 23, 2024, Moody’s Investors Service also maintained the company’s credit rating at Baa3, which is an investment-grade level as well. Moody’s believes that the company has strong financial liquidity and has carefully planned financial measures.
However, Moody’s has also shifted its stance to a negative outlook due to the delays and increased expenses of the CFP.
The continued investment-grade ratings from both agencies reflect the company’s financial strength and stability, underscoring its effective operations and robust management strategies in the long term.
Moreover, these ratings indicate confidence in the company’s growth potential and its ability to create additional shareholder value in the future, as well as its capacity to operate steadily amid various industry challenges.
