Fitch2011年亚洲电力和公用事业展望报告.pdf

Corporates  Utilities– Non US  2011 Outlook: Asian Power and Asia­Pacific  Outlook Report  Utilities  Rating Outlook  Rating Outlook  S T A B L E  Stable Outlook for 2011: Fitch Ratings believes demand growth should lead to higher S T A B L E operating cash flows in the Asian power and utilities sector. Capex, particularly on Analysts  new generation, is also likely to rise. However, the agency expects 2011 credit metrics to broadly remain consistent with those for 2010. Australia Arnon Musiker Government Links to Remain Strong: Linkages between governments and the sector + 61 2 8256 0379 arnon.musiker@ are expected to remain strong due to the strategic importance of energy. Most utilities in the region are expected to remain state controlled. Sajal Kishore + 61 2 8256 0321 sajal.kishore@ Tariff Reform and Fuel Costs: In general the sector’s margins will remain exposed to the risks of higher fuel costs as, in many cases, consumer tariffs are set with China, Hong Kong Steven D . Cox reference to government policy goals, rather than to recover economic costs plus a +86 10 6533 0606 116 return on capital. However, Fitch anticipates limited instances of regulatory reform steven.cox@ to allow utilities to increase tariffs toward