A gradual recovery in PTT Global Chemical Public Co. Ltd.'s (GC) petrochemical spreads and an improvement in the company's cost profile should lower its debt-to-EBITDA ratio to less than 4.0x by the end of 2024, from 12.5x in 2022. We continue to assess the stand-alone credit profile (SACP) of the Thailand-based chemical company as 'bb+' and believe GC will remain a highly strategic subsidiary of PTT Public Co. Ltd. (PTT). On April 25, 2023, we affirmed our 'BBB' long-term issuer credit rating and 'BBB' issue ratings on GC. The stable rating outlook on GC mirrors that on the local currency rating on PTT and reflects our view of the strong ties between the two companies. In our view, PTT (BBB+/Stable/--)
