Low costs and above average margins in olefin and polyolefin operations over a pricing cycle. Dominant market position in a variety of chemical products in Thailand. Exposure to more volatile refining operations. Some single-site concentration risks. Stable cash flows. Positive free operating cash flows. Conservative financial policies. The stable outlook on PTT Global Chemical Public Co. Ltd. (PTT Global) reflects the outlook on the company's parent PTT Public Co. Ltd. (PTT: BBB+/Stable/--; axA+/--). This is because the rating on PTT Global factors in strong support from, and linkage with, the parent. The stable outlook on PTT Global also reflects our expectation that the company's debt-to-EBITDA ratio will remain at 1.9x-2.2x over the next two years, a range largely in line
