The affirmation reflects the return to a more conservative financial risk profile this year, helped by higher power prices and subsequently stronger operational cash generation from BKK’s hydropower production segment.

The affirmation reflects Scope's expectation that BKK will continue to generate positive Scope-adjusted free operating cash flow in the medium term despite the lower contribution from its hydropower production unit this year.

The affirmation is driven by solid credit metrics expectations and reflects management's continued commitment to a prudent financial credit profile in a transactional event risk environment.

The first time BBB+ issuer rating on BKK is predominantly driven by a solid business risk profile, with cost-efficient hydropower production, and an improving financial risk profile supported by higher power prices and asset divestitures.