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Thursday, 29 August 13
NO RATING IMPACT ON INDONESIAN ENERGY COMPANIES FROM RUPIAH DEPRECIATION - FITCH RATINGS
Fitch Ratings says the credit profiles of rated Indonesian energy and utilities companies, including thermal coal producers, will largely remain unaffected by a weakening of the Indonesian rupiah, which has depreciated by 10% between February and August 2013.
According to Fitch's latest report, this is due to a high degree of USD-linked cash flows relative to the companies' USD-denominated liabilities and expenses, or strong linkages with and fiscal support from the state to entities that provide a public service obligation. Furthermore, many of the companies have limited near-term USD-denominated debt maturities.
PT Adaro Indonesia (BB+/Stable), PT Indika Energy Tbk (B+/Stable), and Star Energy Geothermal (B+/Stable) are insulated from the currency depreciation as their earnings are predominantly in USD. This provides a strong natural hedge to debt obligations, much of which are USD-denominated. Profit margins of thermal coal producers can benefit to an extent as some of their operating costs are rupiah-based.
The ratings of PT Pertamina Persero (Pertamina, BBB-/Stable) and PT Perusahaan Listrik Negara (PLN, BBB-/Stable) are not immediately affected as the ratings are equalised with that of the Republic of Indonesia (BBB-/Stable), owing to the strategic and operational importance of these entities to the state. Both PLN and Pertamina perform public service obligations, selling fuel and electricity below market prices for which they are compensated via a subsidy reimbursement mechanism. The weakened rupiah increases the operating costs of these two entities as raw materials - coal, gas and oil - will increase, resulting in a higher subsidy requirement from the government under the subsidy mechanism under which they operate. In the event the total subsidy requirement exceeds the approved annual budgetary allocation, Fitch believes the government will approve a higher budget to accommodate any additional amounts.
Given recent increases of certain petroleum products and the elections due in 2014, the prospect of further immediate electricity or fuel price increases may be limited. Both PLN and Pertamina have large capital expenditure requirements and the weakened rupiah will increase the outflow in local currency terms which will increase the financial leverage of these two entities than earlier forecast by Fitch. However, strong state support and ready access to funding markets underpin their liquidity profiles.
All Fitch credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link:
Http://fitchratings.com/understandingcreditratings.
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
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