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. Increasing dividends received compensate the declining availability payments. Sizable non-recourse project finance debt in equity-accounted joint ventures. 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, with a debt-to-EBITDA ratio below 1.5x. We do not expect the relationship between RATCH and its controlling shareholder Electricity Generating Authority of Thailand (EGAT) to change. We may lower the rating if any one of the followings occurs: RATCH's stand-alone balance
