This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) Oct. 28, 2025--S&P Global Ratings today reinstated the intermediate equity content on PTT Global Chemical Public Co. Ltd.'s (GC) Thailand baht (THB) 17 billion subordinated hybrid debentures. This follows GC's announcement that it has legally revoked a provision in its domestic hybrid documentation. The provision allowed the Thailand-based chemical company (BBB-/Stable/--) to redeem or "call" the debentures when any rating agency downgraded the issuer or the debentures, resulting in a reduction of the equity content on the debenture. In our view, the provision lessened the likelihood that the THB17 billion hybrids will remain outstanding and available for loss absorption or cash conservation in a stress scenario. For details,
