...Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by government, putting pressure on seaborne coal prices and adding order uncertainties for exporters. Inventories at the six main power producing groups edged up to 16.0 million tonnes in late March, 13% higher than the average for 2018 of 14.1 million tonnes (see Chart of the Month below). Miners from Australia and Indonesia are the most exposed, but the credit impact is muted thanks to sufficient rating headroom ¡ as we have already incorporated a downward pricing trend in our rating assumptions....