Overview Key strengths Key risks Dominant market position in Thailand's petrochemical sector. Exposure to the highly cyclical refining and petrochemical industry. 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 three-notch uplift from the company's 'bb' stand-alone credit profile (SACP). In our view, the exceptional support will come to GC from the parent, if necessary, given PTT?s strong commitment and incentive to do so. This is given GC?s high level of product, marketing, and operational integration with the group, through which
