Fitch affirms PTT Chemical ratings

Fitch Ratings (Thailand) Ltd. said it has affirmed the national long-term rating of PTT Chemical plc at A+(tha) with a stable outlook.

Fitch also said it affirmed the company's national short-term ratings at F1(tha).

At the same time, Fitch affirmed the ratings of the company's outstanding senior unsecured debentures at A+ and the ratings of its outstanding secured debentures at AA-.

The ratings are based on its strategic significance to PTT plc as the single flagship company in the gas-based olefins business, the strong support from PTT, its large scale of operations, its favorable feedstock arrangement as well as its high level of production integration via downstream expansions, Fitch said.

The ratings also take into account the cyclical nature of the petrochemicals industry, execution risks arising from new downstream projects, its large investment plans amid a less favorable operating environment as well as its relatively high exposure to single market.

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