Thailand-based PTT Global Chemical Public Company Limited (PTTGC; BBB/AA(tha)/Stable) has upsized its proposed subordinated perpetual debentures to THB17 billion from THB15 billion, as rated on 23 September 2024.
The upsizing does not affect Fitch Ratings’ view of PTTGC’s credit quality and the rating of the proposed perpetual debentures of ‘A+(tha)’. The rating is two notches below PTTGC’s National Long-Term Rating of ‘AA(tha)’, in line with Fitch’s Corporate Hybrids Treatment and Notching Criteria. The rating of the proposed perpetual debentures includes two notches for loss severity, reflecting the debentures’ subordination and heightened risk of non-performance relative to other obligations.
For more information, please see Fitch Rates PTT Global Chemical’s Proposed Perpetual Debentures ‘A+(tha)’.
