...- We expect Ratch Group Public Co. Ltd.'s good cash flow visibility and increasing scale and diversity to help it withstand the impact of higher leverage over the next two years. - We believe Ratch's capital spending will peak in 2020 as the Thailand-based power company executes its growth investments. The debt-to-EBITDA ratio will then exceed 2.5x. - On Dec. 18, 2019, S&P Global Ratings affirmed its '###+' long-term issuer credit rating on Ratch and the '###+' long-term issue rating on the senior unsecured notes and U.S. dollar-denominated medium-term note program that RH International (Singapore) Corporation Pte. Ltd. (RHIS), a wholly owned subsidiary of Ratch, issued. Ratch guarantees the notes. - The stable outlook reflects our expectation that Ratch will appropriately manage its growth aspirations and leverage over the next 24 months such that the debt-to-EBITDA ratio stabilizes at 2.5x-2.7x, after rising from our estimate of 2.0x at the end of 2019....
