We believe support from PTT Global Chemical Public Co. Ltd.'s (GC) parent has moderated given persistently high leverage at GC and the parent's limited progress in strengthening the financial profile of its petrochemical subsidiary. GC's positive discretionary cash flow and easing debt burden should mitigate persistently tough operating conditions and support the Thailand-based chemical company's stand-alone credit profile at 'bb-'. On June 16, 2025, S&P Global Ratings lowered its long-term issuer credit rating on GC and its issue rating on GC's U.S.-denominated senior unsecured notes to 'BBB-' from 'BBB'. At the same time, we removed the ratings from CreditWatch, where we had placed them with negative implications on March 25, 2025. The stable outlook on GC reflects our expectation that
