LONDON; From Indian tycoon Anil Agarwal’s metals and mining company to American shale explorers, the historic crash in oil prices has left energy companies that loaded up on debt vulnerable.
In the US, defaults by energy companies are likely to exceed the 2016 peak and the risk of so-called fallen angels — or companies that go from investment-grade to junk — has risen, according to Morgan Stanley.Energy and power generation firms globally have about US$88 billion of US currency bonds due this year and the cost to roll over debt has risen, with financial markets seizing up.
In Asia, Indonesian oil firm Medco Energi Internasional was betting that oil prices would rise above US$100 a barrel in a decade or so and planning to triple its oil and gas output.
Source: News Formal (newsformal.com)
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