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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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Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Edison Trading Spa - Italy
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- Economic Council, Georgia
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- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
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- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
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- White Energy Company Limited
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- AsiaOL BioFuels Corp., Philippines
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- Africa Commodities Group - South Africa
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- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
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- Ministry of Finance - Indonesia
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- Global Business Power Corporation, Philippines
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- Wilmar Investment Holdings
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- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
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- Larsen & Toubro Limited - India
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- International Coal Ventures Pvt Ltd - India
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- Kohat Cement Company Ltd. - Pakistan
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- Sindya Power Generating Company Private Ltd
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- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Australian Coal Association
- The University of Queensland
- IHS Mccloskey Coal Group - USA
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- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
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- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
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- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
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- Mjunction Services Limited - India
- Indogreen Group - Indonesia
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- OPG Power Generation Pvt Ltd - India
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- Cement Manufacturers Association - India
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
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- Indian Oil Corporation Limited
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- Coal and Oil Company - UAE
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- Energy Link Ltd, New Zealand
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- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
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- The State Trading Corporation of India Ltd
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- Therma Luzon, Inc, Philippines
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- Sical Logistics Limited - India
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- Indonesian Coal Mining Association
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- Minerals Council of Australia
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- Planning Commission, India
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- Price Waterhouse Coopers - Russia
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- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
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- Independent Power Producers Association of India
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- IEA Clean Coal Centre - UK
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