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TRIS Rating affirms the company rating on SPCG PLC (SPCG) and the ratings on its outstanding debentures at “A”, with a “stable” rating outlook. The ratings reflect the company’s reliable revenue stream from solar power plants, solid cash flow generation, and strong financial profile. However, the ratings are partially weighed down by the gradual phase-out of adder tariffs and the changing business environment of the solar power industry, which holds back SPCG’s efforts to rebuild its power portfolio.
TRIS Rating affirms the company rating on SPCG PLC (SPCG) and the ratings
on its outstanding debentures at “A”. The ratings reflect the company’s
predictable revenue stream from solar power plants, solid cash flow
generation, and strong financial profile. However, the ratings are constrained
by risks of forthcoming new investments to rebuild its power assets portfolio,
given the changing business environment of the solar power industry.
TRIS Rating affirms the company rating on SPCG PLC (SPCG) and its debenture ratings at “A”. The ratings continue to reflect the company’s reliable cash flows from its investment portfolio in solar power projects, its management experience as a pioneer in the solar power business, and the reliable performance of its solar power projects. However, the ratings are constrained by SPCG’s risks in respect to overseas investments to replenish its earnings before interest, tax, depreciation, and amortization (EBITDA), which would elevate its gearing during the build-up phase.
TRIS Rating upgrades the company rating of SPCG PLC (SPCG) and the ratings of SPCG’s debentures to “A” from "A-". The upgrade reflects the steady, forecastbeating performance the company has achieved since its inception and a waning debt burden. Both factors combine to considerably strengthen the company’s financial flexibility. The ratings also continue to reflect the reliable cash flows SPCG receives from its investment portfolio of solar power projects, the management experience the company earned as a pioneer in solar power, the efficacy of its power plants, and an encouraging outlook for renewable energy in Thailand. However, the ratings are constrained by risks associated with forthcoming investments SPCG will make to expand its capacity.
TRIS Rating affirms the company rating of SPCG PLC (SPCG) and its debentures ratings at “A-”. The ratings continue to reflect SPCG's stable cash flows from its investment portfolio of solar power projects, its management experience as a pioneer in the solar power business, satisfactory performances of power plants, and an encouraging outlook of the country’s renewable energy. However, the ratings are constrained by SPCG’s highly-leveraged balance sheet.
TRIS Rating affirms the company rating of SPCG PLC (SPCG) at “A-”. At the same time, TRIS Rating assigns the rating of “A-” to SPCG’s proposed issue of up to Bt13,000 million in senior unsecured debentures. In addition, TRIS Rating upgrades the rating of SPCG’s guaranteed and amortizing debentures to “A-” from “BBB+”. The proceeds from the new debentures will be used to refinance all of the project loans at SPCG's subsidiaries and for SPCG’s normal operations.
TRIS Rating upgrades the company rating of SPCG PLC (SPCG) to “A-” from "BBB+". At the same time, TRIS Rating also upgrades the rating of SPCG’s guaranteed and amortized debentures to "BBB+" from "BBB". The upgrade reflects the successful start-ups of all SPCG’s solar power projects in 2014, better-thanexpected operating performance, and its leading position in Thailand's solar power industry.
TRIS Rating assigns the company rating to SPCG PLC (SPCG) at “BBB+”. At the same time, TRIS Rating assigns a rating of “BBB” to SPCG’s proposed issue of up to Bt4,000 million in guaranteed and amortized debentures. The ratings reflect the stable cash flows from SPCG’s investment portfolio comprising 36 solar power projects. All of the projects have long-term power purchase agreements (PPAs) with the Provincial Electricity Authority (PEA), plus the adder tariff received as a producer of solar power energy under the Very Small Power Producer (VSPP) scheme. The ratings also take into consideration SPCG’s management experiences in solar power business, the proven record of photovoltaic (PV) technology, and a selection of solar panels and inverters from reputable suppliers. However, the ratings are constrained by SPCG’s highly leveraged balance sheet and limited operational history.
