Overview Key strengths Key risks Dominant market position in Thailand's petrochemical sector. Recent acquisition weighs on the company's balance sheet. Margin stability in olefin and polyolefin operations, backed by feedstock agreement with the parent. Prospects for elevated investments in the longer-term to achieve energy transition goals Solid free cash flow generation through industry cycles. We rate GC one notch below the group credit profile, which translates into a two-notch uplift from its 'bb+' stand-alone credit profile (SACP). In our view, GC's relationship with its parent remains intact, with the acquisition of Allnex Holdings GmbH reinforcing its position as the PTT group's chemicals flagship. From the company's acquisition of and ensuing integration of Allnex, PTT has demonstrated its continued support for
