We identified an error in the application of our hybrid capital criteria when we assessed PTT Global Chemical Public Co.'s (GC) Thailand baht (THB) 17 billion hybrid debentures issued in 2024. We assessed the hybrids as having intermediate equity content despite them having a call provision linked to certain downgrade events. To correct this error, we are removing the equity content assigned to the THB-denominated hybrids. Our criteria for assessing corporate hybrids remain unchanged. Our assessment of the equity content on GC's U.S.-dollar subordinated perpetual securities is unaffected. At the same time, we affirmed our 'BBB-' long-term issuer credit rating on GC and the 'BBB-' issue rating on the senior unsecured notes the company guarantees. The stable outlook on the
