Overcapacity in the petrochemical industry poses a structural hurdle for PTT Global Chemical Public Co. Ltd. (GC). Petrochemical spreads will likely remain weaker amid increased competition from integrated petrochemical facilities in China and the Middle East, with no meaningful recovery in earnings until 2027 at least. Still, our ratings factor in a commitment by GC to increasingly rely on its targeted asset monetization of up to 30 billion in Thai baht (THB) as well as wider group support in the form of working capital support to pare down debt. On Feb. 19, 2026, S&P Global Ratings revised its rating outlook on GC to negative from stable. At the same time, we affirmed our 'BBB-' long-term issuer credit rating on the
