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Announcement:

Moody's: Outlook stable for APAC power sector in 2018, but business conditions to diverge on carbon transition policies

 The document has been translated in other languages

05 Dec 2017

Hong Kong, December 05, 2017 -- Moody's Investors Service says that its outlook for the power sector in Asia Pacific (APAC) through 2018 is stable. However, as governments in the region implement policies to address growing carbon transition risks, business conditions across APAC will increasingly diverge.

"The key factors supporting our stable outlook for the power sector in APAC are the steady market structures or consistency of returns in the region," says Mic Kang, a Moody's Vice President and Senior Analyst.

"Growing demand for electricity will help most Moody's-rated power companies with dominant or stable market positions maintain adequate dispatch volumes, despite challenges from renewables," adds Kang. "As for the higher environmental costs associated with carbon transition policies, such costs will remain manageable, because of the gradual implementation of initiatives, cost pass-through and/or compensation through subsidies."

Moody's conclusions are contained in its just-released report on Moody's outlook for rated power companies in Asia Pacific through until the end of 2018 titled "Power sector — Asia Pacific: 2018 outlook stable, business conditions to diverge on carbon transition policies," and is authored by Kang.

Moody's report points out that carbon transition policies will prove a key driver of business conditions across APAC, because each country's respective target level of carbon emissions and timeframe to achieve its carbon goals will affect its particular exposure to carbon transition risks.

China's thermal power generators will face the greatest challenges in the region, owing to the sector's faster transition towards renewables, against the backdrop of overcapacity.

Moody's report also says that the prudent implementation of sector reforms will reduce the risks arising from market liberalization. Specifically, the proposed or already implemented sector reforms in most countries call for only moderate changes in the operations of most companies through until the end of 2018.

And, greater funding diversity will help the power companies to expand capacity and develop renewables. Given their large investment needs, a multi-pronged approach that combines bank loans with institutional debt capital will help boost private sector debt capacity. Moody's says that while corporate-type debt will remain dominant through 2018, debt funding across APAC will gradually include more project bonds.

Moody's explains that it could change its outlook for the sector to negative if the exposure of the majority of power companies in APAC to carbon transition risk increases substantially and/or intensified competition or sector reforms weaken business conditions.

On the other hand, the elevated industry risk mainly stemming from carbon transition risk limits the likelihood of a change in the outlook for the sector to positive during 2018.

Moody's has maintained a stable outlook on the APAC power sector since 2009.

Moody's report covers the power sectors in 11 APAC countries: Australia (Aaa stable), China (A1 stable), Hong Kong (Aa2 stable), India (Baa2 stable), Indonesia (Baa3 positive), Japan (A1 stable), Korea (Aa2 stable), Malaysia (A3 stable), the Philippines (Baa2 stable), Singapore (Aaa stable) and Thailand (Baa1 stable).

Subscribers can access the report at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1099858

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Mic Kang
Vice President - Senior Analyst
Project & Infrastructure Finance
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Terry Fanous
MD-Public Proj & Infstr Fin
Project & Infrastructure Finance
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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