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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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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Australian Coal Association
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- The University of Queensland
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
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