Asia-Pacific coal miners will further turn to diversification to anchor market access and boost earnings combinations, Fitch Ratings said in a recent release.

The rating agency forecasts an increase in merger and acquisition transactions amid media reports of upcoming mining assets in the market.

Acquisitions are the best move for issuers with balance-sheet headroom to lessen reliance on thermal coal and expand commodity exposure, Fitch said.

Persistent exposure to thermal coal could further weaken coal miners' funding conditions, especially for non-government-tied issuers, the rating agency said.

Current producers will benefit from energy security concerns, but flat global demand for thermal coal in the long run will also eventually pressure their financing access, Fitch said.