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Fitch revises outlook on PTT Global Chemical to negative

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Fitch revises outlook on PTT Global Chemical to negative

Fitch Ratings (Thailand) revised PTT Global Chemical PCL outlook to negative from stable, and affirmed the company's national long-term rating and senior unsecured rating at AA+(tha).

PTT Global Chemical's national short-term rating was also affirmed at F1+(tha).

Fitch said that the company's ratings are driven by its weak earnings in 2020. The rating agency added that the petrochemical sector has been under pressure since 2019 and expects it to face further pressure by "demand shock from the coronavirus, an increase in supply from new petrochemical capacity, and inventory loss from a sharp drop in oil prices in 1Q20."

The rating agency also expects PTT Global Chemical's leverage to fall below 2.5x in 2021 and to 1.7x in 2022.