The company has a long-term PPA with Thailand's dominant electricity producer, Electricity Generating Authority of Thailand (EGAT), and this should sustain its EBITDA over the next couple of years. However, due to gradual structural decline in availability payments, growth will be dependent on new capacity additions that come onstream from 2021. The company's capacity expansion plans, with elevated spending, will put some pressure on cash flows. However, we believe Ratch's balance-sheet management will be sufficiently prudent to protect its credit profile over 2018-2020. We forecast a ratio of funds from operations (FFO) to debt at 37%-40% over 2019-2020, and anticipate the debt-to-EBITDA ratio will trend up to 2.0x. The stable outlook on Ratch reflects our expectation that the company will
