TRIS Rating affirms the company rating on Energy Absolute Public Company Limited (EA) at “A”, and affirms the ratings on its senior unsecured debentures at “A-“. The senior unsecured debentures ratings’ one notch down from the company rating reflects the structural subordination of the senior unsecured debentures since EA is a holding company. TRIS Rating also affirms the ratings on the company’s guaranteed debentures at “AA”. The debentures are guaranteed by Siam Commercial Bank PLC (SCB), which is rated “BBB+” (international scale) by S&P Global Ratings.
EA’s ratings continue to reflect robust cash flows from its power generation portfolio, consistent performance of its power generation assets, and sound financial profile. However, the ratings are constrained by the large scale investment and execution risks of its new battery related businesses.