We expect PTT Global's good cost position and moderate capital spending to support its free operating cash flows over the next two years. This will improve the company's financial risk profile, in our view. We are affirming our 'BBB' long-term corporate credit rating and 'axA' ASEAN regional scale rating on PTT Global. We are also affirming our 'BBB' issue rating on the company's senior unsecured notes. The stable outlook on PTT Global reflects the outlook on its parent PTT Public and our expectation of steady cash flows over the next two years. On May 30, 2013, Standard&Poor's Ratings Services affirmed its 'BBB' long-term corporate credit rating on Thailand-based chemical producer PTT Global Chemical Public Co. Ltd. The outlook
