Bulletin: PTT Global Chemical's Proposed U.S. Dollar Hybrid Notes Have Intermediate Equity Content

This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) Sept. 1, 2025--S&P Global Ratings assesses PTT Global Chemical Public Co. Ltd.'s (GC) proposed guaranteed US$1 billion subordinated perpetual capital securities (hybrids) as having intermediate equity content. GC Treasury Center Co. Ltd. is the issuer of the debt. The equity content assessment is until the notes' first call dates of December 2030 (Tranche 1) and September 2035 (Tranche 2). The hybrids meet our criteria in terms of its ability to absorb losses and conserve cash. Our view considers the notes' subordination, permanence, deferability at GC's discretion, and what we consider to be management's intent to maintain hybrids as part of the company's capital structure. To reflect our view

...September 1, 2025 This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) Sept. 1, 2025--S&P Global Ratings assesses PTT Global Chemical Public Co. Ltd.'s (GC) proposed guaranteed US$1 billion subordinated perpetual capital securities (hybrids) as having intermediate equity content. GC Treasury Center Co. Ltd. is the issuer of the debt. The equity content assessment is until the notes' first call dates of December 2030 (Tranche 1) and September 2035 (Tranche 2). The hybrids meet our criteria in terms of its ability to absorb losses and conserve cash. Our view considers the notes' subordination, permanence, deferability at GC's discretion, and what we consider to be management's intent to maintain hybrids as part of the company's 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 and its parent PTT Public Co. Ltd (###+/Stable/--). This will improve...

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