Solid competitive position Favorable cost structure and diverse operations Significant business integration with parent Inherent industry risk and price volatility Challenging outlook for the refining and petrochemicals industry The rating on PTT Global Chemical Public Co. Ltd. (PTT Global) reflects the company's solid competitive position following the merger of PTT Aromatics and Refining Public Co. Ltd. (PTTAR; not rated) and PTT Chemical Public Co. Ltd. (PTT Chem; not rated) into a single entity PTT Global. The rating also factors in PTT Global's favorable cost structure, diverse operations, and significant business integration with parent PTT Public Co. Ltd. (PTT; BBB+/Stable/--). We have also taken into consideration expected extraordinary financial support from PTT, over and above the ongoing parental support factored into
