This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) April 16, 2024--PTT Global Chemical Public Co. Ltd.?s (GC) proposed tender for outstanding U.S. dollar senior unsecured notes is opportunistic, in our view. We see the US$700 million tender as part of the company?s strategy to deleverage. GC intends to finance the tender offer with a mix of internal cash and committed facilities. We consider the proposed tender to be opportunistic rather than distressed because we believe GC would not face the risk of a conventional default if the transaction doesn?t go through. Our assessment is based on the following factors: The tendered notes are long-dated (maturing in 2032, 2051, and 2052). GC had ample cash of about
