TRIS Rating affirms the company rating on Banpu Power PLC (BPP) at “A+” with a “stable” outlook. At the same time, we affirm the ratings on BPP’s senior unsecured debentures at “A”. We maintain our assessment of BPP as a “core subsidiary” of Banpu PLC (BANPU, rated “A+/Stable”), resulting in the ratings on BPP being at the same level as those assigned to BANPU. BPP’s stand-alone credit profile (SACP) remains at “a-”.