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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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Showing 61 to 65 news of total 6871 |
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- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Australian Coal Association
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- The University of Queensland
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
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