PTT Global Chemical Public Co. Ltd.'s (GC) proposed strategic joint venture (JV) with SCG Chemicals Public Co. Ltd. (SCGC) would nearly double GC's olefins and polyolefins capacity, but could dilute blended profitability and increase reliance on externally sourced feedstock. Additional debt introduced from the transaction would delay deleveraging by the Thailand-based petrochemical producer. On Oct. 30, 2026, S&P Global Ratings revised its rating outlook on GC to stable from positive. At the same time, we affirmed our'BBB-'long-term issuer credit rating on the company and the'BBB-'long-term issue ratings on its senior unsecured debt. The stable rating outlook on GC reflects our view that gradually improving industry conditions will keep its debt-to-EBITDA ratio at 4.7x-4.9x through 2028. This
