Research Update: PTT Global Chemical SACP Revised Down To 'bb' From 'bb+'; 'BBB' Rating Affirmed With Stable Outlook - S&P Global Ratings’ Credit Research

Research Update: PTT Global Chemical SACP Revised Down To 'bb' From 'bb+'; 'BBB' Rating Affirmed With Stable Outlook

Research Update: PTT Global Chemical SACP Revised Down To 'bb' From 'bb+'; 'BBB' Rating Affirmed With Stable Outlook - S&P Global Ratings’ Credit Research
Research Update: PTT Global Chemical SACP Revised Down To 'bb' From 'bb+'; 'BBB' Rating Affirmed With Stable Outlook
Published Apr 12, 2024
8 pages (3375 words) — Published Apr 12, 2024
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

The recovery in PTT Global Chemical Public Co. Ltd.'s (GC) earnings is taking longer than we expected due to subdued global petrochemical demand. We forecast the Thailand-based company's debt-to-EBITDA ratio will remain above 4.0x over the next two years. We have lowered our assessment of GC's stand-alone credit profile (SACP) to 'bb' from 'bb+'. In our view, GC will remain a highly strategic subsidiary of PTT Public Co. Ltd. (PTT) given their strong operational linkages. On April 12, 2024, we affirmed our 'BBB' long-term issuer credit rating on GC and the 'BBB' issue rating on the company's U.S. dollar-denominated senior unsecured notes. The stable outlook on GC mirrors that on our local currency issuer credit rating on PTT. This reflects

  
Brief Excerpt:

...- The recovery in PTT Global Chemical Public Co. Ltd.'s (GC) earnings is taking longer than we expected due to subdued global petrochemical demand. We forecast the Thailand-based company's debt-to-EBITDA ratio will remain above 4.0x over the next two years. - We have lowered our assessment of GC's stand-alone credit profile (SACP) to '##' from '##+'. - In our view, GC will remain a highly strategic subsidiary of PTT Public Co. Ltd. (PTT) given their strong operational linkages. - On April 12, 2024, we affirmed our '###' long-term issuer credit rating on GC and the '###' issue rating on the company's U.S. dollar-denominated senior unsecured notes. - The stable outlook on GC mirrors that on our local currency issuer credit rating on PTT. This reflects our view that the strong ties between the two companies will stay over the next two years at least....

  
Report Type:

Research Update

Issuer
PTT Global Chemical Public Co. Ltd.
GICS
Commodity Chemicals (15101010)
Sector
Global Issuers
Country
Thailand
Region
Emerging Markets
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: PTT Global Chemical SACP Revised Down To 'bb' From 'bb+'; 'BBB' Rating Affirmed With Stable Outlook" Apr 12, 2024. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-PTT-Global-Chemical-SACP-Revised-Down-To-bb-From-bb-BBB-Rating-Affirmed-With-Stable-Outlook-3151866>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: PTT Global Chemical SACP Revised Down To 'bb' From 'bb+'; 'BBB' Rating Affirmed With Stable Outlook Apr 12, 2024. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-PTT-Global-Chemical-SACP-Revised-Down-To-bb-From-bb-BBB-Rating-Affirmed-With-Stable-Outlook-3151866>
  
US$ 225.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.