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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Central Java Power - Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
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