|
|
 |
|
Viewing report
|
|
|
|
Asia-Pacific Energy Companies: Credit Quality Stable Despite Earnings Strains Jun 99
Standard & Poors, June 1999
Abstract
(Editor's Note: The following commentary has been updated since its previous publication.) Volatile oil prices and uncertain energy demand in Asia have impacted the profitability of energy companies throughout the Asia-Pacific region. At the same time, however, credit quality has remained relatively stable. Over the past 12 months, Standard & Poor's has made one rating upgrade, two downgrades, and four outlook changes for companies in the region. There was little in common among these rating actions, reflecting the diversity of the different markets and sectors involved. In the upstream energy sector, market prices and demand uncertainty have resulted in the postponement of several major oil and gas projects, in addition to a decline in the level of exploration being undertaken....
Companies mentioned in this report are: BHP Billiton Ltd.,Mobil Corp.,Chevron Corp.,Texaco Inc.,BP Developments Australia Ltd.,Shell Australia Ltd.,Woodside Petroleum Ltd.,Caltex Australia Ltd.,Petroliam Nasional Bhd.,Santos Ltd.,Jemena Ltd.,Esso Australia Resources Ltd.,GS Caltex Corp.,PTT Exploration and Production Public Co. Ltd.,Nippon Oil Corp.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
|
|
|
|
