{"id":5169,"date":"2026-08-30T16:40:13","date_gmt":"2026-08-30T09:40:13","guid":{"rendered":"https:\/\/thereporter.asia\/eng\/?p=5169"},"modified":"2026-08-30T16:40:13","modified_gmt":"2026-08-30T09:40:13","slug":"ratch-group-affirmed-aa-tris-rating","status":"publish","type":"post","link":"https:\/\/thereporter.asia\/eng\/2026\/08\/ratch-group-affirmed-aa-tris-rating\/","title":{"rendered":"RATCH Group Affirmed at AA+ by TRIS Rating with Stable Outlook"},"content":{"rendered":"<p id=\"p-rc_9080fb48876cd1c6-40\" data-path-to-node=\"1\"><span data-path-to-node=\"1,0\">TRIS Rating has affirmed the company rating on <b data-path-to-node=\"1,0\" data-index-in-node=\"47\">RATCH Group PLC<\/b> (<b data-path-to-node=\"1,0\" data-index-in-node=\"64\">RATCH<\/b>) and the ratings on its senior unsecured debentures at <b data-path-to-node=\"1,0\" data-index-in-node=\"125\">AA+<\/b> with a <b data-path-to-node=\"1,0\" data-index-in-node=\"136\">Stable<\/b> outlook on 28 August 2026<\/span><span data-path-to-node=\"1,2\">. The rating incorporates a two-notch uplift from RATCH\u2019s stand-alone credit profile of <b data-path-to-node=\"1,2\" data-index-in-node=\"88\">aa-<\/b>, supported by its strategic importance to the <b data-path-to-node=\"1,2\" data-index-in-node=\"138\">Electricity Generating Authority of Thailand<\/b> (<b data-path-to-node=\"1,2\" data-index-in-node=\"184\">EGAT<\/b>)<\/span><span data-path-to-node=\"1,4\">.<\/span><\/p>\n<h2 data-path-to-node=\"2\">Strategic Support and Hin Kong Power Consolidation<\/h2>\n<p id=\"p-rc_9080fb48876cd1c6-41\" data-path-to-node=\"3\"><span data-path-to-node=\"3,0\">The rating affirmation reflects RATCH&#8217;s status as a strategically important subsidiary of <b data-path-to-node=\"3,0\" data-index-in-node=\"90\">EGAT<\/b>, which holds a <b data-path-to-node=\"3,0\" data-index-in-node=\"110\">45%<\/b> ownership stake and maintains dominant influence over corporate strategy<\/span><span data-path-to-node=\"3,2\">. As EGAT\u2019s primary investment arm in power generation, RATCH plays a vital role in Thailand\u2019s energy security<\/span><span data-path-to-node=\"3,4\">. This structural alignment supports a high likelihood of extraordinary support from EGAT in the event of financial distress<\/span><span data-path-to-node=\"3,6\">.<\/span><\/p>\n<p id=\"p-rc_9080fb48876cd1c6-42\" data-path-to-node=\"4\"><span data-path-to-node=\"4,0\">The consolidation of <b data-path-to-node=\"4,0\" data-index-in-node=\"21\">Hin Kong Power<\/b> (<b data-path-to-node=\"4,0\" data-index-in-node=\"37\">HKP<\/b>), effective from October 2025, significantly strengthens RATCH\u2019s consolidated operating scale and cash flow predictability<\/span><span data-path-to-node=\"4,2\">. HKP is projected to expand group revenue to between <b data-path-to-node=\"4,2\" data-index-in-node=\"54\">THB 40 billion and THB 45 billion<\/b> annually, lifting core EBITDA to <b data-path-to-node=\"4,2\" data-index-in-node=\"121\">THB 10 billion to THB 12 billion<\/b> per year through 2028<\/span><span data-path-to-node=\"4,4\">. Additionally, HKP maintains a lower project debt-to-EBITDA ratio of <b data-path-to-node=\"4,4\" data-index-in-node=\"70\">4.4 to 5.0 times<\/b>, offering modest support to overall credit metrics<\/span><span data-path-to-node=\"4,6\">.<\/span><\/p>\n<h2 data-path-to-node=\"5\">Regional Portfolio Expansion and Earnings Stability<\/h2>\n<p id=\"p-rc_9080fb48876cd1c6-43\" data-path-to-node=\"6\"><span data-path-to-node=\"6,0\">RATCH maintains an attributable operating capacity of <b data-path-to-node=\"6,0\" data-index-in-node=\"54\">8.1 GW<\/b> and a development pipeline of <b data-path-to-node=\"6,0\" data-index-in-node=\"91\">1.6 GW<\/b> across the Asia-Pacific region as of June 2026<\/span><span data-path-to-node=\"6,2\">. Approximately <b data-path-to-node=\"6,2\" data-index-in-node=\"16\">70%<\/b> of total operating capacity is secured under long-term power purchase agreements with creditworthy counterparties, including EGAT, the Provincial Electricity Authority, and Indonesia&#8217;s PT PLN<\/span><span data-path-to-node=\"6,4\">. Overseas exposure includes <b data-path-to-node=\"6,4\" data-index-in-node=\"29\">3.9 GW<\/b> of operational capacity, led by contracted utility assets in Australia and a <b data-path-to-node=\"6,4\" data-index-in-node=\"113\">31.3%<\/b> stake in Indonesia&#8217;s <b data-path-to-node=\"6,4\" data-index-in-node=\"140\">Paiton Energy<\/b><\/span><span data-path-to-node=\"6,6\">.<\/span><\/p>\n<p id=\"p-rc_9080fb48876cd1c6-44\" data-path-to-node=\"7\"><span data-path-to-node=\"7,0\">Consolidated EBITDA is forecast at <b data-path-to-node=\"7,0\" data-index-in-node=\"35\">THB 14.6 billion to THB 15.2 billion<\/b> in 2026, rising toward <b data-path-to-node=\"7,0\" data-index-in-node=\"95\">THB 15.5 billion to THB 16.0 billion<\/b> across 2027 to 2028<\/span><span data-path-to-node=\"7,2\">. Revenue contributions from new Australian renewable energy projects and domestic renewable additions are expected to compensate for the progressive expiration of power purchase agreements at <b data-path-to-node=\"7,2\" data-index-in-node=\"193\">Ratchaburi Electricity Generating Co., Ltd.<\/b> (<b data-path-to-node=\"7,2\" data-index-in-node=\"238\">RATCHGEN<\/b>)<\/span><span data-path-to-node=\"7,4\">. Annual dividend receipts from equity investments are projected to deliver <b data-path-to-node=\"7,4\" data-index-in-node=\"76\">THB 4.1 billion to THB 4.6 billion<\/b><\/span><span data-path-to-node=\"7,6\">.<\/span><\/p>\n<h2 data-path-to-node=\"8\">Capital Expenditure, Leverage, and Debt Profile<\/h2>\n<p id=\"p-rc_9080fb48876cd1c6-45\" data-path-to-node=\"9\"><span data-path-to-node=\"9,0\">Financial leverage remains elevated due to continuous capital spending across domestic and regional markets<\/span><span data-path-to-node=\"9,2\">. The consolidated debt-to-EBITDA ratio is projected to decline from <b data-path-to-node=\"9,2\" data-index-in-node=\"69\">6.3 times<\/b> in 2025 to approximately <b data-path-to-node=\"9,2\" data-index-in-node=\"104\">6.0 times<\/b> in 2026, before easing to between <b data-path-to-node=\"9,2\" data-index-in-node=\"148\">5.4 and 5.7 times<\/b> over 2027 to 2028<\/span><span data-path-to-node=\"9,4\">. Net investment spending is estimated at <b data-path-to-node=\"9,4\" data-index-in-node=\"42\">THB 13 billion to THB 16 billion<\/b>, primarily targeting five solar projects totaling <b data-path-to-node=\"9,4\" data-index-in-node=\"125\">298 MW<\/b> under the <b data-path-to-node=\"9,4\" data-index-in-node=\"142\">RE Big Lot Phase 2<\/b> program<\/span><span data-path-to-node=\"9,6\">.<\/span><\/p>\n<p id=\"p-rc_9080fb48876cd1c6-46\" data-path-to-node=\"10\"><span data-path-to-node=\"10,0\">Liquidity remains manageable against short-term commitments<\/span><span data-path-to-node=\"10,2\">. As of June 2026, available liquidity included <b data-path-to-node=\"10,2\" data-index-in-node=\"48\">THB 13 billion<\/b> in cash, <b data-path-to-node=\"10,2\" data-index-in-node=\"72\">THB 9 billion<\/b> in short-term investments, <b data-path-to-node=\"10,2\" data-index-in-node=\"113\">THB 10 billion<\/b> in undrawn credit facilities, and projected annual funds from operations of <b data-path-to-node=\"10,2\" data-index-in-node=\"204\">THB 9 billion to THB 10 billion<\/b>, sufficient to address <b data-path-to-node=\"10,2\" data-index-in-node=\"259\">THB 29 billion<\/b> in debt maturities and <b data-path-to-node=\"10,2\" data-index-in-node=\"297\">THB 5 billion<\/b> in committed investments<\/span><span data-path-to-node=\"10,4\">. Consolidated interest-bearing debt stood at <b data-path-to-node=\"10,4\" data-index-in-node=\"46\">THB 111 billion<\/b>, maintaining a priority debt ratio of <b data-path-to-node=\"10,4\" data-index-in-node=\"100\">49%<\/b><\/span><span data-path-to-node=\"10,6\">.<\/span><\/p>\n<p data-path-to-node=\"13\"><b data-path-to-node=\"13\" data-index-in-node=\"0\">Hashtags:<\/b> #RATCHGroup #TRISRating #EGAT #CreditRating #PowerSector #EnergyTransition #HinKongPower #BusinessNews<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TRIS Rating has affirmed the company rating on RATCH Group PLC (RATCH) and the ratings on its senior unsecured debentures at AA+ with a Stable outlook on 28 August 2026. The rating incorporates a two-notch uplift from RATCH\u2019s stand-alone credit&#8230; <\/p>\n","protected":false},"author":1,"featured_media":5182,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1434],"tags":[5882,1624,5881,2195,1622],"class_list":["post-5169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rating","tag-aa","tag-credit-rating","tag-ratch-group","tag-stable-outlook","tag-tris-rating"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RATCH Group Affirmed at AA+ by TRIS Rating with Stable Outlook<\/title>\n<meta name=\"description\" content=\"RATCH Group affirmed at AA+ by TRIS Rating with stable outlook. 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