...- Taiwan Smart Electricity & Energy Co. Ltd. (TSEE) is a Taiwan-based wholesale power distribution company that will initially specialize in offshore wind power. The company will start generating revenue in 2028 when the wind farms it engages are commissioned. - We see a high likelihood that the Taiwan government will offer TSEE extraordinary support in the event of the company's financial distress, given our view that the Taiwan government will maintain its control over TSEE due to the company's important role in the government's efforts to achieve net zero emissions by 2050. - TSEE can pass through most of its resource and operational risks for offshore wind power through its long-term fixed-price corporate power purchase agreements (CPPAs) that enable the company to generate stable margins and cash flow. This, together with its asset-light business model and limited working capital needs, could enable TSEE to maintain a very strong capital structure. - We assigned our 'A-' long-term...
