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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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Sunday, 18 August 13
INDO - INDIA FREIGHT EXPECTED TO BE FIRM NEXT WEEK - VISTAAR
COALspot.com - The freight market was up this week with the BDI gaining more than 10 pct due to strong Cape Sector.
The BDI was closed at 1,102 p ...
Friday, 16 August 13
US COAL PRODUCTION SLIGHTLY UP ON WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 20.10 million short tons (mmst) of ...
Thursday, 15 August 13
CAPESIZE : TRENDS SOMETIMES SHIFT WITH NO PRIOR WARNING - FEARNRESEARCH
Handy
The influence of the summer holidays across Europe was felt in the Atlantic basin this week. Very little activity and a growing list of avail ...
Wednesday, 14 August 13
ANOTHER WEEK IN THE RED FOR DRY BULK CARRIERS - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable- )
Another week in the red for Dry Bulk carriers with the market losing further steam as fewer an ...
Tuesday, 13 August 13
AUSTRALIA NEWCASTLE COAL EXPORTS JUMP 30.61 PERCENT ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 30.61 per cent week on week to 2.95 million mt for ...
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- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- The University of Queensland
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
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