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-. TRIS Rating also reassigns the rating on the company’s guaranteed debentures at AA+. The guaranteed debentures are guaranteed by Siam Commercial Bank Public Company Limited (SCB), rated AA+/Stable by TRIS Rating.
The ratings continue to reflect EA’s robust cash flows from its power generation assets with long-term Power Purchase Agreements (PPAs), consistent performance of its power generation assets, and moderate financial profile. However, the ratings are constrained by execution risks and intensifying competition in its battery manufacturing and electric vehicle (EV) businesses.