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Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
 Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook revisions globally, though the overall outlook remains neutral. The revisions were largely caused by global commodity price movements associated with the Russia-Ukraine war and the economic fallout from lockdowns under China’s ‘dynamic zero’ Covid-19 policy.
Fitch Ratings revised the outlook on two sectors – APAC oil and gas and Indonesian coal mining – to improving, from neutral, and the outlook on two further sectors – China engineering and construction (E&C) and APAC technology – to deteriorating, from neutral. The outlook on Chinese property developers remained unchanged, at deteriorating, following steep 1Q22 falls in new housing sales. We also expect capital market access to remain limited this year for most Chinese developers. The outlook on APAC’s five remaining sectors is neutral.
Fitch Ratings outlook revision for APAC oil and gas and Indonesian coal mining was based on our higher assumptions for oil, gas and coal prices following the invasion of Ukraine. Higher prices will boost cash flow for upstream and integrated oil and gas producers, part of which we expect to be used to pay down debt and improve credit metrics. Europe’s sanctions on Russian coal exports will become effective in August 2022, which could further increase demand for Indonesian coal.
According to Fitch Ratings, Chinese E&C activity was subdued in 1H22, due to the operational challenges caused by the country’s Covid-19 control measures. However, we expect construction activity to pick-up in 2H22, as the front-loading of local government special-bond issuance this year should lift infrastructure spending. That said, we believe China’s E&C sector is vulnerable to new Covid-19 outbreaks. If pandemic-related restrictions constrain construction in the next few months, it would be challenging for the sector to increase activity going into the winter months. The resulting challenges in collecting working capital could lead to liquidity pressure at Chinese E&C firms.
Within the APAC technology sector, China’s slower consumption spending, stringent Covid-19 lockdowns and the aftermath of last year’s regulatory tightening will dampen the short-term profitability and cash generation of its internet majors. Stringent pandemic lockdowns and the aftermath of last year’s regulatory tightening are also having adverse effects. Overall demand for APAC consumer hardware is weakening, exacerbated by the war in Ukraine and China’s lockdowns, while rising input costs will pressure profitability. We expect companies with limited ability to pass through incremental costs to customers to suffer the most in the heighted inflationary environment. Meanwhile, persistent chip shortages and various logistical issues will add to supply-side disruption. However, we expect robust demand for Indian IT services, supported by a strong digital transformation pipeline, and wage inflation in line with our previous expectations at end-2021. This should see revenue increase by a double-digit percentage.
The proportion of APAC corporates ratings at ‘CCC+’ or below, on Negative Outlook or on Rating Watch Negative dropped to 19% as of mid-June 2022, from 26% in 1Q22, after we revised the Outlook to Stable, from Negative, on the ratings of 13 Indian corporates. This followed our June 2022 Outlook revision on India’s sovereign rating (BBB-/Stable).
Fitch has taken eight upgrade actions and 54 downgrade actions on APAC corporates so far in 2022. Chinese property developers accounted for 38 of the downgrades and comprise 20 of the 60 corporates that remain on Negative Outlook, Rating Watch Negative or are rated at distressed levels of 'CCC+' or below.
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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Planning Commission, India
- The Treasury - Australian Government
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
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