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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Planning Commission, India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- PTC India Limited - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- The University of Queensland
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
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