Upbeat assessment for private power producer B. Grimm
TRIS Rating has assigned an “A” company rating to B. Grimm Power Plc (BGRIM) and described its outlook as “stable”.
The rating reflects the company’s position as one of the leading private power producers in Thailand, its well-diversified portfolio of cogeneration power units under the Small Power Producer (SPP) scheme and reliable cashflows from long-term power purchase agreements (PPAs) with the Electricity Generating Authority of Thailand (EGAT) and reputable clients.
The rating also reflects BGRIM’s proven record of operating gas-fired combined cycle co-generation units and its opportunities for further growth. These strengths are partially offset by a highly leveraged balance sheet while it pursues its growth strategy.
