Sound domestic market position. Revenue visibility on robust power purchase agreement structures. Site concentration and limited fuel diversity. Exposure to regulatory and country risks stemming from offshore expansion. Record of moderate on-balance sheet debt. Reliance on dividends received to compensate for declining availability payments. Sizable non-recourse project finance debt in equity-accounted joint ventures. Growth aspirations. The stable outlook reflects our expectation that Ratchaburi Electricity Generating Holding Public Co. Ltd. (RATCH) will calibrate its growth aspirations to preserve its robust capital structure over the next two years. We also anticipate RATCH's relationship with, and credit quality of, its controlling shareholder Electricity Generating Authority of Thailand (EGAT) will not materially change in the period. We may lower the rating if any one
