Moody’s affirms PTT Global Chemical

Moody's Investors Service said it affirmed PTT Global Chemical PCL’s (PTTGC) Baa2 issuer and senior unsecured ratings.

The outlook is stable.

"The ratings affirmation reflects our expectations that PTTGC will maintain its strong credit metrics over the next 12-24 months, supported by its robust operating cash flow generation of around THB50-55 billion per annum," Moody's assistant vice president and analyst Rachel Chua said in a news release.

Over the next two years, the agency expects the company’s adjusted retained cash flow (RCF)/ debt will be around 30% and its adjusted EBITDA interest coverage will stay above 14 times.

"In addition, PTTGC's Baa2 ratings incorporate the company's increasing growth appetite and the associated execution risks, as it continues to undertake large-scale capital investment projects," Chua added in the release.

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