The outlook on the national long-term rating is Stable. Fitch has also affirmed PTTGC’s national short-term rating at “F1+(tha)”.

The rating upgrades reflect Fitch’s reassessment that the strategic linkages between the group’s petrochemical and refinery (P&R) business and PTTGC’s parent, PTT Plc (PTT; AAA(tha)/Stable), are stronger than Fitch previously anticipated after a business reorganisation over the past few years.

Revenue contribution from the P&R business accounted for around 31 per cent of the group total, and the segment made the second-largest EBITDA contribution of 28 per cent after the exploration and production business (36 per cent) in 2018.