Muted support from the parent, PTT Public Co. Ltd., to lower leverage at its petrochemical flagship deviates from the group's risk policy and raises doubts about the likely extent of group support. On March 25, 2025, S&P Global Ratings placed its 'BBB' long-term issuer credit rating and 'BBB' issue rating on PTT Global Chemical Public Co. Ltd.'s U.S. dollar-denominated senior unsecured notes on CreditWatch with negative implications. We revised downward our assessment of PTT Global Chemical's stand-alone credit profile to 'bb-' from 'bb', because its earnings will remain soft over the next 12-24 months amid a weak petrochemical industry. The CreditWatch placement reflects a heightened risk that we could lower our ratings by one notch if we lower our expectations
