Bulletin: GC's Domestic Perpetual Securities Assessed As Having Intermediate Equity Content

This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) Dec. 26, 2025--S&P Global Ratings assesses the Thai baht (THB) 10 billion subordinated hybrid debentures that PTT Global Chemical Public Co. Ltd. (GC) recently issued as having intermediate equity content. Our equity content assessment applies until the first call date of the hybrid debentures in June 2031. The hybrids meet our criteria in terms of their ability to absorb losses and conserve cash. Our view considers the subordination, permanence, and deferability of the securities at GC's discretion, and what we consider to be the company's intention to maintain them as part of its capital structure. To reflect our view of the intermediate equity content, we allocate 50% of

...December 26, 2025 This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) Dec. 26, 2025--S&P Global Ratings assesses the Thai baht (THB) 10 billion subordinated hybrid debentures that PTT Global Chemical Public Co. Ltd. (GC) recently issued as having intermediate equity content. Our equity content assessment applies until the first call date of the hybrid debentures in June 2031. The hybrids meet our criteria in terms of their ability to absorb losses and conserve cash. Our view considers the subordination, permanence, and deferability of the securities at GC's discretion, and what we consider to be the company's intention to maintain them as part of its capital structure. To reflect our view of the intermediate equity content, we allocate 50% of the principal as debt- like in our calculations of the financial ratios of GC (###-/Stable/--) and its parent PTT Public Co. Ltd. (###+/Stable/--). The impact is marginally positive, improving GC's debt-to-EBITDA ratio by...

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