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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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Monday, 16 September 13
WHAT RECOVERY MEANS FOR THE CAPESIZE MARKET - COMMODORE RESEARCH
COALspot.com: The simple fact that capesize rates have been able to increase above the $9,000/mark and become much more responsive to changes in car ...
Monday, 16 September 13
CFR SOUTH CHINA COAL SWAP: STABLE TO STEADY
COALspot.com : SGX has launched API 8 CFR South China Coal Swap on 29 April 2013 and SGX replaced the previous swap.
API 8 CFR South China Coal s ...
Monday, 16 September 13
INDONESIAN SUB-BIT COAL SWAP STRUGGLING TO FINDS THE RIGHT PATH
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery down 0.75 percept month on month on Friday 13 Septe ...
Sunday, 15 September 13
CAPE FREIGHT RATES RISE ON HIGH DEMAND AND TIGHT AVAILABILITY - CAPT. REDDY
COALspot.com : The BDI, Cape and Panamax indices are continued to rise and saw a steep surge with average index in these segments up around 25 pct w ...
Friday, 13 September 13
US COAL OUTPUT SLIPS 3.34% ON-WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.20 million short tons (mmst) of ...
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- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
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