This report does not constitute a rating action. Overview Key strengths Key risks Strong power purchase agreements (PPAs) that support cash flow stability Elevated leverage from acquisition appetite, growth investments, and materially higher debt tolerance than before Solid market position in Thailand's power sector High exposure to debt and earnings from equity affiliates, possibly leading to off-balance-sheet debt and a higher reliance on dividend income Shareholder support from the Electricity Generating Authority of Thailand (EGAT) Some earnings volatility from renewable assets in Australia due to resource, volume, and merchant price risks Ratch Group Public Co. Ltd. will maintain rating headroom. We expect the company's adjusted debt-to-EBITDA ratio to stay at 5.9x-6.3x and EBITDA interest coverage at 3.6x-3.7x over the next
