Jun 29 2012
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RAM Ratings reaffirms TTPC's sukuk rating
The rating is supported by TTPC's strong business profile, underscored by the favourable terms of its Power Purchase Agreement ("PPA") with Tenaga Nasional Berhad ("TNB"), commendable operating performance and healthy cashflow that supports its debt-servicing ability. Similar to all other IPPs, however, TTPC is exposed to regulatory and single-project risks.
Since its commissioning, TTPC has kept its commendable operating performance, hence enabling it to meet all the performance requirements set out in the PPA to earn full available capacity payments. The Company has also been able to operate within the forced-outage limit of 6% since its commissioning, and has met the requirements of its combined first and second Availability Target ("AT") blocks (i.e. 2004-2009). Going forward, RAM Ratings opines that TTPC is on course towards meeting the requirements of its third AT block (2010-2012). Given the Plant's efficient performance, TTPC has also been able to fully pass through its fuel costs to TNB.
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