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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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Wednesday, 18 September 13
DRY BULK MARKET CONTINUED TO ADVANCE - INTERMODAL
Chartering (Wet: Stable- / Dry: Firm+ )
The Dry Bulk market continued to advance at a very fast pace, with the BDI closing off the week north ...
Tuesday, 17 September 13
BUMA PRODUCED 3.57 PERCENT MORE COAL IN AUGUST
COALspot.com: BUMA has removed totaled 25.20 million bcm of overburden to produce 2.90 million tons coal in August 2013. BUMI produced 3.07 percent ...
Tuesday, 17 September 13
NEWCASTLE PORT SHIPPED ABOUT 27 PERCENT MORE COAL WEEK ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 27.26 per cent week on week to 3.01 million mt for ...
Tuesday, 17 September 13
TAIPOWER INVITES BIDS FOR SUPPLY OF SUB-BITUMINOUS COAL
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open tende ...
Tuesday, 17 September 13
ORPHEUS SECURES SIGNIFICANT INFRASTRUCTURE DEAL THROUGH ACQUISITION OF SOUTH KALIMANTAN PORT CAPACITY
COALspot.com : Orpheus Energy Limited (ASX: OEG) of Australia has today announced that, it has executed a binding agreement with the proprietor of S ...
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Showing 4116 to 4120 news of total 6871 |
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- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- VISA Power Limited - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- The University of Queensland
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
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