Fitch affirms PTT Chemical

Fitch Ratings said it affirmed PTT Chemical plc's national long-term rating at A+(tha) with stable outlook and its national short-term rating at F1(tha), along with the rating on the company's outstanding senior unsecured debentures at A+(tha) and the rating on its outstanding secured debentures at AA-(tha).

The ratings are based on the high level of business and operational integration with its major shareholder PTT plc (rated AA+(tha) with stable view), the agency said. The ratings also are underpinned by the company's strong financial position and liquidity profile, providing financial flexibility despite a period of major capacity expansion, Fitch said.

The ratings also take into account the cyclical nature of the petrochemicals industry, execution risks, large investment plan amid a less favorable operating environment and the company's relatively high exposure to a single market, the agency added.

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