The upgrade reflects the enlarged cash flow from its power portfolio and the improvement in its financial profile, said TRIS Rating in a release on Monday.

At the same time, TRIS Rating affirmed EA’s partially guaranteed debenture at “A-” and fully guaranteed debentures at “AA”.

The debentures are guaranteed by Siam Commercial Bank PLC (SCB), which is rated “BBB+” (International scale) by S&P Global Ratings.