The rating on PTT Global Chemical Public Co. Ltd. (PTT Global) reflects the company's solid competitive position following the merger of PTT Aromatics and Refining Public Co. Ltd. (PTTAR; not rated) and PTT Chemical Public Co. Ltd. (PTT Chem; not rated) into a single entity PTT Global. 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/--). We have also taken into consideration expected extraordinary financial support from PTT, over and above the ongoing parental support factored into the company's stand-alone credit profile. PTT Global's exposure to inherent industry risk and price volatility, and the challenging outlook for the refining and petrochemicals industry offset the above
