PTT Global Chemical Public Co. Ltd.

Overview Key strengths Key risks Dominant market position in Thailand's petrochemical sector. Exposure to highly cyclical refining and petrochemical industry. Stable margins in olefin and polyolefin operations, backed by feedstock agreement with parent. Prospect of elevated investments over the longer term to achieve energy transition goals. Solid free cash flow through industry cycles. We believe GC will retain a high level of product and marketing integration within the PTT group. GC sources a large portion of its feedstock and sells much of its products through the group. In addition, we believe GC will remain the largest petrochemical producer in Thailand and will hold a material portion of PTT's refining capacity. These factors, in addition to GC's closely linked reputation with

...Our ratings on PTT Global Chemical Public Co. Ltd. (GC) benefit from its strategic importance and strong operational link to parent PTT Public Co. Ltd. We believe GC will retain a high level of product and marketing integration within the PTT group. GC sources a large portion of its feedstock and sells much of its products through the group. In addition, we believe GC will remain the largest petrochemical producer in Thailand and will hold a material portion of PTT's refining capacity. These factors, in addition to GC's closely linked reputation with PTT, should provide the parent with a strong incentive to divert further financial support to the subsidiary. Consequently, we include a three-notch uplift from GC's stand-alone credit profile (SACP) of '##-', given our assessment of GC's group status as strategically important....

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