Strong margins in low-cost olefin and polyolefin operations over the pricing cycle. Dominant market position in a variety of chemical products in Thailand. Exposure to more volatile refining operations. Some single-site concentration risks. Consistent and cautious financial policies. Solid cash flows. Potential for higher capital spending for pipeline projects. The stable outlook on PTT Global Chemical Public Co. Ltd. (PTTGC) reflects the outlook on the company's parent PTT Public Co. Ltd., given our view of strong ties between the two companies. We could lower the rating on PTTGC if any of the following occurs: We downgrade PTT. This could be due to negative changes in: (1) the sovereign rating on Thailand (foreign currency BBB+/Stable/A-2; local currency A-/Stable/A-2; axAA/axA-1); (2) our
