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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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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- The University of Queensland
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Planning Commission, India
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
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