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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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Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
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- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Planning Commission, India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- White Energy Company Limited
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Bhatia International Limited - India
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