We expect PTT Global to remain "highly strategic" to the PTT group, and see an "extremely high" likelihood of extraordinary government support for the PTT group in the case of financial distress. PTT Global's 'bbb-' SACP reflects the company's strong cost and competitive advantages, good product diversity, sound profitability through an industry cycle, and sustained cash flow generation capacity. We are affirming our 'BBB' long-term corporate credit rating and our 'axA' long-term ASEAN regional scale rating on the Thailand-based refinery and petrochemical company and our 'BBB' long-term issue rating on its senior unsecured notes. The stable outlook reflects our opinion that PTT group's credit profile and PTT Global's group status will remain unchanged over the next two to three years.
