Profitability at Asia-Pacific steelmakers will decline sharply through the fiscal year to March 2021 because of the virus-wrought demand destruction that will make it difficult to pass on higher costs to customers, a Moody’s Investors Service report said. Prices of iron ore, the main steelmaking material, will stay high over the next 12 months, as rising […]
The disruption in energy markets due to the Covid-19 pandemic would likely accelerate the transition to renewables away from fossil fuels like crude oil and coal, according to Moody’s. Tapering of long-term economic growth along with increasing use of biofuels and electric mobility would impinge on oil demand, Moody’s said Moody’s said that oil demand in 2021 […]
High crude and fuel inventories are likely to delay a recovery in crude oil prices until 2021, while prices in the medium term are likely to remain within a band of $45-$65/barrel according to ratings agency Moody’s. The broad global shutdown of economic activity in spring 2020 amid the coronavirus pandemic led to an abrupt […]
Vedanta, the natural resources company controlled by Anil Agarwal said its foreign subsidiary Cairn India Holdings’ $200 million investment in Anglo American met all governance requirements. The company, India’s largest miner and No. 1 iron ore exporter, said the deal was made on an arms-length basis in December 2018, adding it provided “significantly higher” returns compared […]
Rating agency Moody’s has sounded a note of caution that any reduction in excise duty on petrol and diesel would adversely affect fiscal deficit unless it is matched by a commensurate cut in expenditure. Pressure has been mounting on the Indian government to cut excise duty on petrol and diesel to bring down their prices […]
Outlook for steel companies in Asia through 2018 is stable because profitability will be steady during this period, after improving significantly in 2017, Moody’s Investors Service said in a report. “The likely stable profitability for Asian steelmakers that we rate is underpinned by the removal of excess steel-production capacity in China and broadly steady demand […]
Moody’s Investors Service said it had changed the ratings outlook on Tata Steel Ltd. and Tata Steel UK Holdings Limited (TSUKH) to stable from negative. “The change in the ratings outlook to stable from negative reflects our expectation that the benign operating environment and recovery in the financial performance of TSUKH and Tata Steel over […]
Oil and Natural Gas Corporation Ltd.’s (ONGC) planned acquisition of a majority stake in Hindustan Petroleum Corporation Ltd. (HPCL) will cause the Indian energy major’s leverage to approach the upper limit of its Baa1 rating, Moody’s Investors Service has said in a report. ONGC’s strategic importance to the Indian government will also increase, given that […]
Sri Lanka’s significant borrowing requirements and heavy reliance on external and foreign-currency funding exposes the country to material liquidity and external financing risk, which weighs on its credit profile, Moody’s Investors Service said. Despite a recent increase in foreign exchange reserves, reserve coverage of external obligations remains low, Moody’s said, warning that unless reserves rise […]
The outlook for the Asian oil refining and marketing (R&M) sector is stable, with the EBITDA of rated companies growing a modest 5% through 2018, Moody’s Investors Service said in a report. “Driven by China’s and India’s appetite for petroleum products and continued capacity rationalization, we believe refining margins will remain firm, thereby supporting the […]
