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PTT Global Chemical PCL (GCB.SG)

Stuttgart - Stuttgart Delayed Price. Currency in EUR
1.20000.0000 (0.00%)
At close: 03:33PM CET
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  • Moody's

    PTT Global Chemical Public Company Limited -- Moody's assigns Baa2 to PTTGC's proposed senior unsecured notes

    Rating Action: Moody's assigns Baa2 to PTTGC's proposed senior unsecured notesGlobal Credit Research - 22 Mar 2022Singapore, March 22, 2022 -- Moody's Investors Service has assigned a Baa2 senior unsecured rating to the proposed USD notes to be issued by GC Treasury Center Company Limited (GCTC), a wholly-owned subsidiary of PTT Global Chemical Public Company Limited (PTTGC, Baa2 stable).These notes will be unconditionally and irrevocably guaranteed by PTTGC on an unsubordinated basis. The guarantee will rank pari passu with PTTGC's unsecured and unsubordinated obligations.The notes will be issued under GCTC's and PTTGC's global medium-term note (GMTN) program, which is rated (P)Baa2.The rating outlook is stable.PTTGC will use the proceeds from the notes for general corporate purposes, including to repay the shareholder loans owed to its parent, PTT Public Company Limited (PTT, Baa1 stable).RATINGS RATIONALEThe Baa2 ratings are underpinned by PTTGC's position as the largest diversified petrochemical company in Thailand, its competitive cost structure, and the long-term feedstock supply and product offtake agreements with its largest shareholder, PTT.

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