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Fitch might lift PTT Aromatics
Fitch Ratings said it placed PTT Aromatics and Refining PCL's A-(tha) national long-term rating, F2(tha) national short-term rating and A-(tha) rating on its senior bonds on Rating Watch positive.
The agency also affirmed PTT Chemical PCL's A+(tha) national long-term rating, F1(tha) national short-term rating and A+(tha) rating on its senior bonds.
The outlook is stable.
The actions follow news that the two companies have reached an agreement to merge their operations, Fitch said.
The actions reflect the proposed amalgamation of PTT Chemical and PTT Aromatics, which will involve an exchange of common shares between the shareholders of the companies, with no share acquisition or capital injection from either party, the agency said.
The amalgamation will result in more product and feedstock diversification, larger operating scales, enhanced market position and growing opportunity for business expansion, Fitch said.
The agency said it expects immediate synergies from product and by-product exchange and from product optimization across the integrated production process.
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