The rating reflects the predictable cash flows that the listed firm receives from its power projects. Each project has long-term power purchase agreements with state-owned utilities.

The rating also recognises the solid operating performance of the company’s power plants, TRIS said. In contrast, the rating is constrained by Super Energy’s aggressive investment strategy and a potential rise in leverage.

The rating is also tempered by the execution risk associated with the power projects it is developing, the ratings firm added.