TRIS Rating Revises Outlook on “TPIPP” to “Positive” from “Stable”

Stocks News Tuesday October 4, 2022 16:59 —TRIS News Release

TRIS Rating revises the rating outlook on TPI Polene Power PLC (TPIPP) to ?positive? from ?stable?. The upward outlook revision follows the rating outlook revision of the ratings on TPI Polene PLC (TPIPL), to ?positive? from ?stable? with the company and issue ratings affirmed at ?BBB+?, on 4 October 2022.

We also affirm the company rating on TPIPP and the ratings on its outstanding senior unsecured debentures at ?BBB+?.

TPIPP?s company and issue ratings are capped by the ratings on TPIPL, which are rated at ?BBB+/Positive? by TRIS Rating. The rating cap reflects TPIPP?s status as core subsidiary of TPIPL, the strong parent-subsidiary relationship, and a high level of business integration between the two entities. We assess TPIPP?s stand-alone credit profile (SACP) at the level of ?a?.

For the first six months of 2022, the company?s earnings before interest, taxes, depreciation and amortization (EBITDA) dropped by 22% year-on-year (y-o-y) to THB2.26 billion, mainly due to the shutdown of its power plants for efficiency improvement and the expiration of the adders for the 18-megawatt (MW) refuse-derived fuel (RDF) power plant. However, the debt to EBITDA ratio of TPIPP remained at a healthy level of 3.0 times at the end of June 2022 (12-month trailing).


The ?positive? outlook reflects the rating outlook on TPIPL, TPIPP?s parent company. We expect TPIPP?s status as a core subsidiary of TPIPL will remain unchanged.


Rating revisions on TPIPP are primarily tied to changes in the ratings on TPIPL.

An upward revision of TPIPP?s SACP is unlikely in the near term. Conversely, a downward revision of its SACP could occur if its operating performance is significantly worse than our forecast and/or if the company engages in sizable debt-financed investments, which result in significant deterioration in the group?s financial profile.


- Group Rating Methodology, 7 September 2022

- Corporate Rating Methodology , 15 July 2022

- Key Financial Ratios and Adjustments for Corporate Issuers, 11 January 2022

- Issue Rating Criteria, 15 June 2021

TPI Polene Power PLC (TPIPP)

Company Rating: BBB+

Issue Ratings:
TPIPP22NA: THB4,000 million senior unsecured debentures due 2022                          	BBB+

TPIPP23DA: THB3,000 million senior unsecured debentures due 2023                	BBB+

TPIPP247A: THB4,000 million senior unsecured debentures due 2024             	BBB+

TPIPP262A: THB4,523.6 million senior unsecured debentures due 2026             	BBB+

TPIPP278A: THB4,695 million senior unsecured debentures due 2027                          	BBB+

Rating Outlook:	Positive

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