Moody’s rates PTTGC notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to the proposed senior unsecured notes to be issued by GC Treasury Center Co. Ltd. (GCTC), a wholly owned subsidiary of PTT Global Chemical PCL (PTTGC).

The notes are fully and unconditionally guaranteed by PTTGC.

The outlook is stable.

The proposed senior unsecured notes are being offered in conjunction with a tender offer for the $1 billion senior unsecured notes due 2022 issued by PTTGC in 2012. Participating holders will receive GCTC's notes in exchange for PTTGC's notes with no change to the terms and conditions or maturity.

A portion of PTTGC's notes may remain outstanding if some noteholders do not choose to take up the offer. Effectively, Moody's said it expects PTTGC's total amount of dollar-denominated senior unsecured notes will remain at $1 billion following this proposed transaction.

PTTGC's Baa2 issuer and senior unsecured ratings were affirmed on May 28.

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