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Thailand s PTT Has Sufficient Headroom to Support

Thailand-based PTT Public Company Limited s (BBB+/AAA(tha)/Stable) petrochemical and power acquisitions, which form part of its energy transition plan, will enhance the group s geographic and business diversification, Fitch Ratings says. The acquisitions will drive up PTT s financial leverage over the next two years, but the current low financial leverage should provide headroom to absorb the investments. PTT s subsidiary, PTT Global Chemical Public Company Limited (PTTGC, AA+(tha)/Negative), plans to acquire a 100% stake in Allnex Holding GmbH - a leading global industrial coating resin producer - for EUR4.0 billion (about THB148 billion). This should expand PTT s downstream chemical business and increase its geographical diversification. Allnex has 33 manufacturing sites worldwide, with sales across the Americas (2020: 24% of sales), EMEA (40%) and the Asia Pacific (36%). PTTGC expects the transaction to boost sales volume growth by about 5% in 2022 and add EBITDA of about EUR400

Fitch assigns BB(EXP) rating to Bulgarian Energy Holding s upcoming eurobond

Fitch assigns BB(EXP) rating to Bulgarian Energy Holding s upcoming eurobond
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Fitch Assigns Korea Ocean Business Corporation s First-Time AA- IDR; Outlook Stable

Fitch Assigns Korea Ocean Business Corporation’s First-Time ‘AA-‘ IDR; Outlook Stable Fitch Ratings has assigned Korea Ocean Business Corporation’s (KOBC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘AA-‘. The Outlook is Stable. The government-owned KOBC was established in 2018 under the Korea Ocean Business Corporation Act (KOBC Act). Its policy mission is to support shippers’ liquidity and ship purchase, and to bolster South Korea’s (AA-/Stable) maritime industry competitiveness. Fitch deems KOBC a government-related entity (GRE) and uses a top-down rating approach, based on our expectations of a high likelihood of exceptional government support for the company, if required.

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