TRIS Rating affirms the company rating on Energy Absolute Public Company Limited (SET: EA) at A and affirms the ratings on EA’s senior unsecured debentures at A-. TRIS Rating also affirms the stable rating outlook of EA. The ratings continue to reflect EAs robust cash flows from its power generation assets with long-term Power Purchase Agreements (PPAs), as well as its first-mover position in the lithium-ion battery manufacturing industry and moderate financial profile. However, the ratings are constrained by execution risks in its battery manufacturing and electric vehicle (EV) businesses as well as continued rising debt from investments and working capital needs for the EV business.
