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Financial Profile, Qualitative Factors Define Asia-Pacific Renewable Power Issuers' Ratings, Fitch Says

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Asia-Pacific renewable power issuers' ratings are dependent on their financial profile and qualitative factors such as off-taker mix, issuance structure, and refinancing risk, Fitch Ratings said Monday.

Fitch's credit assessment of this group, composed of 13 issuers, ranges from B+ to BBB-.

The difference between performance and expectations as well as the spread in energy yield estimates factor into Fitch's assessment of volume risk and the estimate threshold for a wind or solar portfolio.

The rating agency considers waste-to-energy projects within the portfolio to contain higher load factors than solar and wind projects, although volatile fuel availability could impact volume.

Issuers narrow supply risk through fuel supply contracts with local suppliers and availability of fuel in regions near the projects, Fitch said.

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