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PTT Global Chemical's Cash Generation Rise Could Drive Deleveraging, Fitch Says

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PTT Global Chemical's (BKK:PTTGC) solid cash generation in the first half of 2026 could anchor a faster-than-expected deleveraging, Fitch Ratings said in a Friday release.

The Thailand-based company's EBITDA rose 350% year over year to 37 billion baht in the first half, as the refining and petrochemicals segments gained from supply disruptions due to the Middle East conflict.

The rating agency forecasts a drop in the company's EBITDA net leverage for the year to below 4x from 10x a year ago.

Still, Fitch expects to retain the company's negative outlook, given that the cash flow boost is primarily due to a temporary boon from the Middle East war.

Better earnings amid heightened gross refining margins and petrochemical spread will determine whether such improvement in the company's creditworthiness will endure, Fitch said.

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