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Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
 The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its global sovereign sector outlook to neutral from improving. The impact of the Ukraine war and consequent sanctions on geopolitical risk, trade and capital flows, and economic growth and inflation will not be resolved in 2H22.
Policy responses are driving the fiscal effects of inflation, making post-Covid-19 pandemic consolidation that was evident last year less certain. Meanwhile the Federal Reserve and most other major central banks will tighten policy much more aggressively than anticipated, adding to funding stresses for emerging markets (EMs) with limited local-currency financing options. Commodity exporters are benefiting from high prices, but EMs that are net commodity importers face high gross external funding needs.
Sector outlooks are a general forward-looking assessment of underlying conditions relative to the prior calendar year. Emerging Europe and sub-Saharan Africa (SSA) are the only regions with deteriorating sovereign sector outlooks, indicating that we now see underlying conditions as being worse than in 2021. Sovereigns in the Commonwealth of Independent States (CIS) are exposed to Russia’s economic contraction, and many sovereigns in central and eastern Europe have insufficient alternative energy sources if Russia ceases gas exports.
Inflation and tighter global financial conditions are further weakening SSA’s macroeconomic prospects, and in many cases, the cost and availability of external financing. The region’s main oil exporters will gain from higher prices, although domestic fuel subsidies limit the fiscal benefit for Nigeria.
In western Europe, weaker GDP growth will slow, but not reverse, fiscal consolidation, while we expect APAC economies generally to continue recovering, albeit more slowly. Both regions’ sector outlooks are now neutral, versus improving at the start of the year. But while much of APAC gains from economic reopening, near-term growth in Greater China will be partly influenced by ‘zero Covid’ policies, and we expect China’s economy to grow just 3.7% this year following lockdowns in 1H22. Our Greater China sector outlook remains neutral.
Our neutral sector outlooks for North America and Latin America are also unchanged. US recession risks have risen, but its financing needs are declining and the strong post-pandemic rebound boosted revenues. Latin America’s economic recovery has remained fairly resilient as the pandemic has receded, allowing economic reopening to continue, while higher commodity prices improve terms-of-trade for some. But measures to cushion households from higher fuel and food prices are reducing the net fiscal benefits for commodity exporters and slowing consolidation elsewhere. Difficult political backdrops continue to complicate efforts to tackle underlying growth and fiscal challenges.
The Middle East and North Africa (MENA) is the only region to maintain its improving sector outlook assigned at end-2021. Oil-exporting sovereigns will register significantly stronger public finances and growth in 2022, although the economic picture will be much more challenging outside the Gulf Cooperation Council. The MENA sector outlook is supported to varying degrees by reform momentum as well as by the more constructive regional political dynamics that emerged last year.
Sector outlooks are distinct from Rating Outlooks. Notwithstanding the effects of the war in Ukraine and higher inflation, the numbers of Positive and Negative Rating Outlooks are almost equal in Fitch’s global sovereign portfolio after the balance was deeply negative during the pandemic. This partly reflects the stabilisation of Outlooks on some sovereigns, including Japan, India and Panama, since end-2021. Downgrades to Ukraine, Belarus and Tunisia have taken their ratings to ‘CCC’, where Fitch does not assign Outlooks to sovereign ratings.
More broadly, with a record-high share of sovereigns rated in the ‘B’ category or lower, additional sovereign defaults are likely as EM commodity importers face tighter global funding conditions.
Source: Fitch Ratings
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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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Showing 56 to 60 news of total 6871 |
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- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- PTC India Limited - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
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