S&P rates PTT Global Chemical notes BBB

S&P said it assigned its BBB long-term issue rating to GC Treasury Center Co. Ltd.’s (GCTC) planned senior unsecured guaranteed notes. The notes will be issued from the company's $3 billion multi-currency global medium-term note program, which has been upsized from $2 billion.

GCTC is a wholly owned finance subsidiary of PTT Global Chemical PCL (GC) The GMTN program is also rated BBB. GC guarantees the program and the notes.

“In our view, the proposed issuance will have no material impact on GC's debt balance. This is because most of the proceeds from the proposed issuance have been earmarked for the refinancing of bridge loans provided by GC's parent company, PTT PCL, and financial institutions. The bridge loans were part of short-term funding for GC's acquisition of Allnex Holding GmbH in December 2021,” S&P said in a press release.

The outlook is stable.

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