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Infrastructure & Project Finance

Global Home > Infrastructure & Project Finance

PPP Counterparty Risks in the Spotlight

The collapse of Carillion in January 2018 and Interserve's restructuring efforts highlight the importance of counterparty considerations in assessing construction risk of public-private partnerships (PPPs)

Fitch Named Best Rating Agency in APAC in Record 5 Categories

Fitch has won the Credit Rating Agency of the Year (2018) awards for the corporate, investment-grade, public-finance, project-finance and sovereign categories. It is the agency's first award for the investment-grade category, and the fourth consecutive win for public finance.

Why Forum

Why “Perverse Incentives” Are Hurting the Solar Market

Infrastructure analyst Cherian George looks at changes in the solar panel market. Growth in residential solar panel installations has sputtered in recent years and an eerie parallel from a decade ago — namely elements of the mortgage crisis — may be part of the reason.

Privatization Elusive, Costs Increasing for U.S. Airports

U.S. airports are pouring money into new projects with increasing size and scope, though a new Fitch Ratings report says that privatization of the sector as a whole remains limited.

Listen on demand: PG&E Bankruptcy Impact on Renewables Projects and IPP Environment

Listen to our webinar update on the impact of PG&E’s bankruptcy on renewables projects and the broader IPP environment. 

Tenanted Pub Performance Steadies; Still Structurally Weaker

Improved performance in the UK tenanted pub sector does not alter our view that the managed pub model offers greater credit protection for whole business securitisation (WBS) investors, Fitch Ratings says. Overall, we think the tenanted pubs model remains more exposed to the sector's structural decline. 
 

Role of Grantors Pivotal for U.S. PPPs

U.S. public private partnerships (PPPs) are susceptible to a variety of challenges on their way to completion, with the role of the sponsoring state or local governments, commonly known as grantors, more important according to Fitch Ratings in a new PPP case study. 

EMEA Toll Roads – 2018 Peer Review

Listen to our latest on demand webinar, EMEA Toll Roads - 2018 Peer Review, available now, on demand. The presentation focuses on a review of Sovereign developments and M&A activity that drove the changes in EMEA toll roads’ ratings and outlooks in 2018 as well as touching on key differentiating factors that drive the ratings and explains the differences in Fitch Ratings’ EMEA toll roads peer group: traffic volatility, debt structure and leverage over the remaining concession life.

Proposed IRR Improves Visibility for Spanish Renewables

The new internal rate of return (IRR) for renewable projects proposed by the Spanish government would stabilise and provide visibility on returns, Fitch Ratings says. If implemented, the proposal would be credit positive due to a higher-than-expected rate of return, especially for pre-2013 projects where the rate is available for two regulatory periods.

Global Renewables Performance Review (Solar Outperforms Wind on a Global Scale)

Fitch Ratings’ portfolio of wind and solar project finance ratings spans countries, regions and continents. Key rating drivers and credit metrics are applied consistently to assign and monitor ratings, despite geographic disparities.

Government Shutdown an 'Inconvenience' At Worst for U.S. Airports

The effect on aviation is minimal thus far, U.S. airports are likely to manage the federal government shutdown well with it being more of an inconvenience rather than disruptive to passenger travel

Rating Action

Fitch Assigns Dudgeon Offshore Wind Limited's Notes 'A-' Final Rating, Stable Outlook

The rating reflects the favourable remuneration under the UK Contract for Difference (CfD) regime, sound operational arrangements, as well as the strong debt structure.

Webinar

Listen on Demand: What To Watch in 2019 for US Municipal Transportation

Listen on demand to our outlook webcast on US Municipal Transportation. Chad Lewis and Scott Zuchorski discussed what to watch in US Transportation Infrastructure.

Extreme Weather an Area to Watch for U.S. Energy Infrastructure

U.S. energy infrastructure heads into next year on generally solid footing, though increasingly common extreme weather throughout the country merits some caution according to Fitch Ratings in its 2019 outlook report.
 

Outlooks 2019

US Transportation May See Some Softening in 2019

Some weakening may emerge next year for U. transportation even as the broader economy continues to strengthen, according to Fitch Ratings in its 2019 Outlook report.
 

Experience Credit Outlooks 2019

Our annual Credit Outlooks are now available. We're producing reports, video, webinars, and commentary across all sectors and regions to give you in-depth insight into credit in 2019 and beyond.

 

View Credit Outlooks 2019 for Infrastructure

Government Proposal Leaves Mixed Picture of Mexico City Airport

If successful, the proposed tender and consent offer announced by Mexico City Airport Trust (MEXCAT) on Dec. 3, 2018 would alleviate some near-term risks as the tender would result in an immediate reduction in the outstanding debt by up to USD1.8 billion, while the consent would prevent bondholders from triggering an event of default and acceleration of the debt maturities.

why forum

Why Michigan’s Plan to Improve Its Infrastructure May Be the Pace Car for the Country

Michigan may be accomplishing something for its long-term development and economic competitiveness that this country has yet to do — meaningfully advance infrastructure.

Driverless Cars Leave Parking Assets at Risk

The advent of autonomous vehicles could negatively affect parking assets over time. With autonomous vehicles likely to operate through ride-sharing and accessing cheaper parking locations, revenues will be adversely affected for not just standalone parking facilities in urban areas, but for those housed in airports and universities.

Protectionism Cuts EMEA Transport Infrastructure Visibility

Global trade tensions and Brexit uncertainty risks make the performance of the EMEA transport infrastructure sector less predictable. We expect slower volume growth across airports, ports and toll roads.

Technical Advisors Critical for Project Finance

Increased attention around infrastructure has shed more light on an integral participant that can troubleshoot the numerous "in the ground, in the water and third-party issues" that can prevent projects from being completed on time and within budget, according to Fitch Ratings.
 

Contacts

Global

Daniel Champeau

Analytical Group Head

+1 212 908 9188

Global

Ann Flynn

Business Group Head

+1 212 908 9152

Global

Olivier Delfour

Sector Head

+33 1 44 29 91 21

APAC

Sajal Kishore

Analytical

+65 6796 7095

APAC

Amit Ganju

Business

+65 6796 7201

EMEA

Ian Dixon

Analytical

+44 203 530 1815

EMEA

Michael Androsov

Business

+44 203 530 1096

LATAM

Glaucia Calp

Analytical

+57 1 326 9999

LATAM

Samuel Fox

Business

+1 312 606 2307

NORTH AMERICA

Cherian George

Analytical

+1 212 908 0519

North America

Saavan Gatfield

Business

+ 1 212 908 0542

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