TRIS Rating upgrades the company rating on Super Energy Corporation Public Company Limited (SUPER) to BBB from BBB-. At the same time, TRIS Rating revises the rating outlook on SUPER to stable from positive. The rating upgrade reflects a steady increase in SUPERs operating cash flow, supported by its large and diverse portfolio of power-generating assets. The upgrade also incorporates the successful development of its sizable overseas investments.
The rating mirrors the predictable cash flows from SUPERs power-generating assets, underpinned by long-term power purchase agreements (PPAs). On the other hand, the rating is constrained by the companys growth strategy which will likely push up its financial leverage over the next few years and the associated risks of large-scale power projects under development in Vietnam.