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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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Tuesday, 05 April 22
INDONESIAN COAL PRICE REFERENCE HITS RECORD ABOVE $288
COALspot.com: Indonesian Coal Price Reference for April in a steep climb from March 2022.
As expected, Russia – Ukraine war dr ...
Thursday, 31 March 22
CHINA STATE PLANNER ASKS COAL INDEX PROVIDERS TO RECTIFY IRREGULARITIES - REUTERS
China’s state planner has asked some major coal price index providers to rectify “severe irregularities” it had identified in the ...
Thursday, 31 March 22
IMPORTED COAL PRICES TO JUMP 55% IN APR-JUN, IMPACT INDIAN FIRMS: ICRA - LIVEMINT
Supply disruption owing to the Russia-Ukraine conflict could push the price of imported coal by 45-55% in Q1FY23 compared to the previous quarter, ...
Thursday, 31 March 22
CHINA'S COAL OUTPUT SET FOR MODERATE GROWTH IN 2022 - INDUSTRY BODY - REUTERS
China is expected to see its coal output to grow further in 2022 after hitting a record last year, an industry body forecast on Wednesday, as the c ...
Tuesday, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
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- Economic Council, Georgia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- The University of Queensland
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
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