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TRIS Rating Upgrades Company Rating on "GULF" to "A " from "A" and Senior

TRIS Rating upgrades the company rating on Gulf Energy Development PLC (GULF) to "A+" from "A" and ....

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TRIS Rating Affirms Company Rating on "GULF" at "A", Senior Unsecured Debt

TRIS Rating affirms the company rating on Gulf Energy Development PLC (GULF) at ?A?. At the same time, we affirm the ratings on GULF?s senior unsecured debentures at ?A-?. The rating outlook remains ?stable?. The issue ratings? one notch below the company rating reflects the structural subordination of the claims under the debentures, due to GULF?s status as a holding company, compared with the debt obligations of the company?s operating subsidiaries.
The ratings reflect the company?s position as one of the leading power producers in Thailand, its well-diversified portfolio, predictable cash flows from its long-term power purchase agreement (PPA) with the Electricity Generating Authority of Thailand (EGAT, rated ?AAA/Stable? by TRIS Rating), as well as proven record of developing and operating power plants. In contrast, the ratings are constrained by risks associated with the company?s overseas expansion and a rise in its debt load. The recent capital increase helped reduce le ....

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