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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Vedanta Resources Plc - India
- The University of Queensland
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- MS Steel International - UAE
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