The rating on PTT Global Chemical Public Co. Ltd. (PTT Global) reflects the company's solid domestic competitive position. The rating also factors in PTT Global's favorable cost structure, diverse operations, and significant business integration with parent PTT Public Co. Ltd. (PTT: BBB+/Stable/--). PTT Global's exposure to inherent industry risk and price volatility, and the challenging outlook for the refining and petrochemicals industry offset the above strengths. We assess PTT Global's business risk profile as "satisfactory" and its financial risk profile as "intermediate," as our criteria define these terms. We assess the stand-alone credit profile of PTT Global at 'bbb-'. Our corporate credit rating on PTT Global incorporates a one-notch uplift due to parent support. We view the company as a
