Sound domestic market position. Strong power purchase agreement structures. Solid relationship with EGAT. Site concentration and limited fuel diversity. Exposure to regulatory and country risks stemming from offshore expansion. Record of moderate on-balance sheet debt. Positive free operating cash flows. Non-recourse debt at project financing joint-ventures. Appetite for debt-funded capacity additions. The stable outlook reflects our expectation that Ratchaburi Electricity Generating Holding Public Co. Ltd. (RATCH) will maintain its current robust capital structure over the next two years, despite an increasing focus on capacity additions and investments. We anticipate that the company's debt-to-EBITDA ratio will remain below 1.5x during this time. We do not expect the relationship between RATCH and its controlling shareholder Electricity Generating Authority of Thailand (EGAT) to
