The rating reflects Ratch’s position as the largest private power producer in Thailand.

The rating also takes into consideration the fact that the majority of its power purchase agreements (PPA) are with the Electricity Generating Authority of Thailand (EGAT, rated “AAA” by TRIS Rating) with high predictable cash flows, and the strong relationship between Ratch and EGAT. The rating also takes into consideration Ratch’s conservative financial policy and strong financial position during its growth period.