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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Planning Commission, India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- GMR Energy Limited - India
- Aditya Birla Group - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
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