Moody's rates Ratchaburi notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to RH International (Singapore) Corp. Pte. Ltd.'s dollar-denominated fixed-rate senior notes, which are guaranteed by parent company Ratchaburi Electricity Generating Holding PCL (Baa1). The outlook is stable.

The proceeds will be used for refinancing and general corporate purposes.

The agency said the Baa1 corporate family rating reflects Ratchaburi's solid and strategic position as the largest independent power producer in Thailand, stable business profile, underpinned by the robust power purchase agreements, and strong relationship with the Electricity Generating Authority of Thailand, its parent.

At the same time, the rating is constrained by the company's overseas expansion strategy and the consideration that its sizable capex plan could lead to increased execution and development risks and could also create pressure on its credit metrics, Moody's said.

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