Research Update: PTT Global Chemical Affirmed At 'BBB' On Announced Acquisition of Allnex; SACP Revised To 'bb+'; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: PTT Global Chemical Affirmed At 'BBB' On Announced Acquisition of Allnex; SACP Revised To 'bb+'; Outlook Stable

Research Update: PTT Global Chemical Affirmed At 'BBB' On Announced Acquisition of Allnex; SACP Revised To 'bb+'; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: PTT Global Chemical Affirmed At 'BBB' On Announced Acquisition of Allnex; SACP Revised To 'bb+'; Outlook Stable
Published Jul 15, 2021
9 pages (4064 words) — Published Jul 15, 2021
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

PTT Global Chemical Public Co. Ltd. (GC)'s status as a highly strategic subsidiary of its parent, PTT Public Co. Ltd. (PTT), will continue to support the company's creditworthiness. Earnings accretion from Allnex Holding GmbH will not fully offset the impact of the sizable acquisition on GC's debt leverage, which will rise above 4.0x in 2021 and 2022. We revised downward the Thailand-based petrochemical company's stand-alone credit profile (SACP) to 'bb+' from 'bbb-'. On July 15, 2021, S&P Global Ratings affirmed its 'BBB' long-term issuer credit rating on GC. We also affirmed the 'BBB' long-term issue rating on the senior unsecured notes issued or guaranteed by the company. The stable outlook on GC mirrors that of the local currency rating on

  
Brief Excerpt:

...- PTT Global Chemical Public Co. Ltd. (GC)'s status as a highly strategic subsidiary of its parent, PTT Public Co. Ltd. (PTT), will continue to support the company's creditworthiness. - Earnings accretion from Allnex Holding GmbH will not fully offset the impact of the sizable acquisition on GC's debt leverage, which will rise above 4.0x in 2021 and 2022. We revised downward the Thailand-based petrochemical company's stand-alone credit profile (SACP) to '##+' from '###-'. - On July 15, 2021, S&P Global Ratings affirmed its '###' long-term issuer credit rating on GC. We also affirmed the '###' long-term issue rating on the senior unsecured notes issued or guaranteed by the company. - The stable outlook on GC mirrors that of the local currency rating on its parent PTT....

  
Report Type:

Research Update

Issuer
PTT Global Chemical Public Co. Ltd.
GICS
Commodity Chemicals (15101010)
Sector
Global Issuers
Country
Thailand
Region
Emerging Markets
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: PTT Global Chemical Affirmed At 'BBB' On Announced Acquisition of Allnex; SACP Revised To 'bb+'; Outlook Stable" Jul 15, 2021. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-PTT-Global-Chemical-Affirmed-At-BBB-On-Announced-Acquisition-of-Allnex-SACP-Revised-To-bb-Outlook-Stable-2688655>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: PTT Global Chemical Affirmed At 'BBB' On Announced Acquisition of Allnex; SACP Revised To 'bb+'; Outlook Stable Jul 15, 2021. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-PTT-Global-Chemical-Affirmed-At-BBB-On-Announced-Acquisition-of-Allnex-SACP-Revised-To-bb-Outlook-Stable-2688655>
  
US$ 225.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.