Bangkok--23 Nov--Fitch Ratings
Fitch Ratings (Thailand) Limited has said that PTT Global Chemical Public Company Limited’s (PTTGC) plan to acquire a 51% stake of Perstorp Holding France SAS has a limited impact on the former’s financial position and credit metrics.
The agency notes that the acquisition of Perstorp Holding France will only marginally increase PTTGC’s financial leverage, as measured by adjusted net debt/operating EBITDAR. Fitch still expects PTTGC’s credit metrics to improve in 2012 (relative to 2011), despite this acquisition.
This acquisition is in line with the company’s long-term strategy to expand into downstream and special products, to increase its product coverage and geographical diversification. PTTGC is likely to continue pursuing M&A opportunities in the medium-term; Fitch however does not anticipate any further acquisitions in 2012 as management is expected to focus on integration efforts following the consummation of the merger which created PTTGC in October 2011.
Fitch rates PTTGC at:
- National Long-Term Rating: ‘AA-(tha)’/Outlook Stable;
- National Short-Term rating: ‘F1+(tha)’;
- Senior unsecured debentures: National Long-term rating ‘AA-(tha)’.