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Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
 Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior unsecured notes due August 2026.
The outlook remains stable.
"The affirmation reflects our expectations that ABM's credit metrics will not significantly weaken despite its planned primarily debt-funded minority stake acquisition in Indonesian coal miner, PT Golden Energy Mines Tbk (GEMS)," says Maisam Hasnain, a Moody's Vice President and Senior Analyst.
"ABM will gain a 30% stake in one of Indonesia's largest coal miners, with strong profitability, low debt levels and capacity for further production growth," adds Hasnain, Moody's lead analyst for ABM. "The acquisition will also provide ABM additional revenue opportunities to provide mining-related services to GEMS".
The outlook is stable reflecting Moody's expectation that ABM will maintain stable operations at its mining and contract mining subsidiaries, while maintaining sufficient internal cash sources to meet its cash needs over the next 12-18 months.
RATINGS RATIONALE
On 31 August, ABM announced that it had agreed to acquire a 30% stake in Indonesian coal miner, PT Golden Energy Mines Tbk (GEMS) from Indian infrastructure company, GMR Power and Urban Infra Limited for $420 million plus a deferred payment[1].
The transaction is subject to fulfillment of certain conditions precedent including board approval, and consent from ABM's existing banks and noteholders. ABM expects the transaction to close in September 2022.
ABM is funding the purchase with proceeds from a $320 million, five-year loan at a newly created subsidiary, PT Radhika Jananta Raya (RJR) that will hold the 30% stake in GEMS, and $100 million from its internal cash. Moody's expects dividends from GEMS will be sufficient to service the loan repayment. The deferred payment will be based on and funded by dividends received from GEMS, likely between July and September 2022.
The rating affirmation is also premised on the terms of the shareholder agreement between ABM and Golden Energy And Resources Limited (GEAR, B1 stable), the 62.5% shareholder at GEMS, remaining relatively unchanged from the previous shareholder agreement at GEMS between GEAR and GMR.
The shareholder agreement will afford ABM considerable influence over GEMS' operations, investments, and shareholder distributions, which are set as minimum cash dividends at 80% of the cash surplus of GEMS and each of its subsidiaries.
ABM will seek to enter service agreements with GEMS over the next 12 months. ABM's subsidiaries are involved across multiple stages of the coal supply chain and could derive additional revenue and earnings from these agreements.
ABM's earnings over the next 12-18 months will be supported by higher overburden removal volume at its contract mining subsidiary PT Cipta Kridatama (CK) and dividends received from GEMS. Therefore, despite its investment in GEMS stake effectively being primarily debt-funded, ABM's leverage will trend to around 2.0x by end-2023 from around 1.0x as of June 2022. Such leverage levels will remain supportive of ABM's B1 ratings.
Moody's also expects ABM to maintain adequate liquidity with internal cash sources sufficient to meet cash needs over the next 12-18 months. Also, the company does not have any large debt maturities until its $200 million notes mature in 2026.
ABM's US dollar notes are rated in line with its B1 CFR because Moody's expects debt unencumbered by operating assets to remain the clear majority of total debt in ABM's capital structure, and that debt at ABM's operating subsidiaries including PT Mifa Bersaudara (MIFA), RJR and CK will be repaid as per their scheduled amortization profile and therefore will not remain elevated over a prolonged period.
Source: Moody's
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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- VISA Power Limited - India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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