Moody's rates PTT Global Baa2

Moody's Investors Service has assigned a Baa2 issuer and senior unsecured ratings to PTT Global Chemical PCL.

The outlook is stable.

The agency also said it withdrew the Baa2 rating of PTT Aromatics & Refining PCL and the Baa3 rating of PTT Chemical PCL following the completion of their amalgamation.

This action concludes a review for possible upgrade for that began in February, the agency said.

The rating captures the entity's standalone rating of Baa3, plus one-notch of uplift based on an assessment of the credit support that its parent, PTT PCL, is likely to provide in the event of distress, the agency said.

The ratings reflect the company's now larger scale of operation, enhanced product flexibility, competitive cost structure and access to feedstock and product sales via long-term agreements, the agency said.

The ratings also recognize the volatile nature of the refining and petrochemical industry, Moody's said.

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