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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
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