We expect Ratch to maintain stable operating performance over the next 24 months, supported by its entrenched market position and strong relationship with EGAT. We are affirming our 'BBB+' long-term corporate credit rating and our 'axA+' long-term ASEAN regional scale rating on the Thailand-based independent power producer. At the same time, we are raising our long-term issue rating on all of Ratch's guaranteed and outstanding notes to 'BBB+' from 'BBB'. The stable outlook reflects our expectation that Ratch will maintain its financial strength over the next two years, despite growing investments. On June 9, 2015, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term corporate credit rating on Ratchaburi Electricity Generating Holding Public Co. Ltd. (Ratch). The outlook is stable.
