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Infrastructure & Project Finance

Global Home > Infrastructure & Project Finance

Weak Enforcement of UEFA Fair Play Limits Positive Impact

The weak enforcement of the Union of European Football Associations' (UEFA) Financial Fair Play rules limits their positive effects, Fitch Ratings says. However, they are mildly credit positive in the long term as they should encourage all clubs to be more financially stable.

why forum

The Infrastructure Footrace: Why Australia is Way Ahead

Many governments around the world tout their infrastructure credentials, promoting their plans to increase spending but the degree of success is mixed, writes David Cook, Director, Global Infrastructure at Fitch Ratings. So what’s driving the ongoing robust investment in the Australian infrastructure sector?

Introducing ESG Relevance Scores for Public Finance and Infrastructure

ESG factors generally have a low level of direct impact on public finance and infrastructure credit ratings. However, governance is the most influential ESG risk factor across the overall ratings portfolio. This was driven by public finance issuers, which is not surprising given that factors such as political stability, creditor rights, financial transparency, governance structure, government independence and control of corruption are important considerations in our credit rating process. 
 

DownloadOur ESG Relevance Scores
Watch VideoIntroducing ESG Relevance Scores - An Update for Public Finance and Infrastructure

US Infrastructure Needs Federal Funding Commitment

Any US federal government plan for renewing infrastructure will need to provide for consistent, continued federal funding and more diverse funding sources to fully address the infrastructure deficit.

US Ports' Revenues Insulated from US-China Tariffs

Increased tariffs on bilateral US-China goods trade may result in decreased traffic at certain US ports. However, revenues are not likely to be similarly affected in the medium term given the landlord-based operating model at many of the more exposed west coast ports in which contractual minimums provide a floor for revenues should volume declines worsen.

From Defying Expectations to a Future of 'Required Reinvention' for Sports

Sports have proven to be a very stable discretionary asset over the last 10 years thanks largely to robust fan bases, corporate support and long-term media contracts. Demand for sports are expected to remain high across the world over the next decade. However, some sports may experience declining support from today's fans and corporations as interests change and competition from other sports and entertainment grows.

Webinar On Demand

What Investors Want to Know: UK Contract for Difference Scheme and Offshore Wind

Fitch’s recently assessed the risk of a major UK off-shore wind project where the revenue supported by a Contract for Difference (“CfD”) mechanism.  We have prepared a brief audio summary that discusses the key points of this mechanism.

Listen on Demand

UK Transport Infrastructure Could Manage Short-Term No-Deal Disruption

Rated UK transport infrastructure issuers are generally well placed to weather short-term disruption in traffic and trade flows in the event of a "no-deal" Brexit, Fitch Ratings says, thanks to their robust liquidity positions and financial flexibility.

 

Audio Summary: 5 minute listen
Listen Now

UK Pub and Leisure WBS Vulnerable to No-Deal Brexit

UK pub and leisure issuers are vulnerable among whole business securitisations to a no-deal Brexit due to revenue and cost pressures. 
 

Audio Summary: 5 minute listen
Listen Now

Why US Infrastructure Needs More Impactful Money, Not Just More of It

President Donald Trump, the Speaker of the US House of Representatives and the Minority Leader of the US Senate are on the right track in seeking a $2 trillion dollar down payment on US infrastructure. In principle, this is consistent with the President’s 2020 budget request to up investment to revamp the United States’ badly lagging infrastructure.

Webinar

Ten Years in Ports

Fitch will host two webinars to discuss how ports have performed over the past decade, how this may change in the coming decade, and what challenges the sector faces going forward. While both will touch on global trends, one webinar will focus on the Americas, while the other will focus on EMEA and the Asia-Pacific region.

AMERICAS:
Now Available On-Demand

Speakers:
Emma Griffith Senior Director, Global Infrastructure Ratings
Isabella MagalhaesAssociate Director, Global Infrastructure Ratings

Listen Now

 

EMEA/ APAC
Now Available On-Demand

Speakers:
Giulia NoliDirector, Global Infrastructure Ratings
Ian DixonManaging Director, Global Infrastructure Ratings

Listen Now

Congestion Pricing Will Provide Reliable Revenue to MTA

 Planned congestion pricing in New York City (NYC) will provide a reliable funding source for Metropolitan Transportation Authority (MTA) capital improvements but how significant the revenue source will be depends upon the toll policy instituted

The WhyForum

Why U.S. Infrastructure Needs More Impactful Money, Not Just More of It

President Trump, the Speaker of the House and the Minority Leader of the US Senate are on the right track in seeking a $2 trillion dollar down payment on US infrastructure. But there are key issues at play here in spending money wisely given the decades-old problem. 

Middle East in Ambitious Drive for Renewables Generation

Several governments in the Middle East have set ambitious targets for the development of renewable energy, which will give rise to large capital requirements in the region. The sovereign rating may be a critical factor in our assessment of credit strength of renewable projects due to the government-related entity status of many off-takers or entire projects. 

High Demand in Moscow Aviation Hub Supports Capacity Expansion

Fitch Ratings says high demand and limited capacity in Moscow aviation hub (MAH) will underpin expansionary plans of its three main airports - Sheremetyevo (SVO), Domodedovo (DME) and Vnukovo (VKO). However, future cash flow generation could be lower than expected given limited visibility on medium-term price evolution due to the competitive nature of the market.

Fitch Special Repot on the Thames Tideway Tunnel Project

The ‘BBB+’ ratings reflect the substantial protection afforded to Thames Tideway Tunnel from the UK government against completion and funding risks during the construction period and a supportive, transparent, and largely proven regulatory regime. The ratings also reflect the experience of the parties involved in the project's construction.

Latin American Toll Roads Mainly Differ on Traffic, Debt Structure and Metrics

"Patterns of ratings differentiation based in traffic, debt and coverage are common globally. In some cases, ratings are also constrained by risks related to construction/ramp-up phases or by linkage to sovereign," said Fitch analysts. 

Growth to Level Off for US Transportation

Revenue growth remains healthy for all major US transportation sectors, though recent events could level off the rate of growth for some segments in the coming months.

Revenue Stability, Capex Drive Asia-Pacific Ports' Ratings

Revenue stability, due to strong volume or price attributes, and resilience is underpinned by each port's importance to the economy and the strength of its catchment area, along with its competitive position. 

Webcast

Transport Infrastructure in Uncertain Times: Ports and Airports

Available Now On-Demand
This presentation was given at the recent INFIN and Fitch Ratings event, where we discussed the recent trends in transportation focusing on Ports and Airports. 

 

Listen Now

Fitch Ratings Appoints Bohner & Zuchorski New U.S. Muni & Infrastructure Leads

Fitch Ratings is pleased to announce the appointment of Arlene Bohner as its new Head of State and Local Government Ratings for U.S. Public Finance and Scott Zuchorski as the new North American Head of Transportation/PPPs in Fitch's Global Infrastructure and Project Finance Group.

Precedents Favor Pennsylvania Turnpike Commission in $6 Billion Truckers' Lawsuit

Precedents of similar lawsuits indicate that the $6 billion lawsuit filed by commercial truckers is unlikely to have a material adverse effect on the Pennsylvania Turnpike. The practice of transferring a portion of tolls for the benefit of transit and other transportation-related purposes are both widespread and long-standing. 

The Why Forum

Why the Sports Free Agency Arms Race is Just Beginning

Two of MLB’s biggest free agents in recent memory signed massive and record contracts. The NBA is nearing a crescendo of free agency interest heading into next season. Why? And are there economic and financial risks of super-utility or super-star players over time?

Forbes

Why Now Represents A Window Of Opportunity For U.S. Infrastructure

An adjustment to the broader economy is coming. The recent government shutdown and general policy inertia are not helping matters. Rather than being an impediment to the economy, the U.S. government has a unique opportunity to take decisive action on aging and obsolete infrastructure to provide a firmer foundation for the future. 

Webinar on Demand

Fitch Global Renewables Performance Review

Join us as senior analysts from Fitch's North American, Latin American, and European teams discuss noteworthy trends and regional differences within Fitch’s portfolio of credit ratings on about 60 wind and solar renewable projects spanning 11 countries. Topics include global trends in resource performance, differences in revenue/incentive mechanisms, and drivers of upgrades and downgrades. 

Speakers:
Andrew Joynt – Director, North America Energy Infrastructure and Project Finance
Jelena Babajeva, CFA – Senior Director, EMEA Energy Infrastructure and Project Finance
Marta Veloso – Senior Director, LATAM Energy Infrastructure and Project Finance

Listen Now

Port Growth to Level Off Over Next Decade

Global port throughput has shown resilience over the last 10 years with throughput growth outpacing economic growth rates despite volatility through the last recession. Containerization of cargo and increasing vessel sizes coupled with supporting infrastructure at ports have all contributed to these trends. 

Fitch Ratings Appoints New Heads of U.S. Public Finance and Infrastructure

Fitch Ratings is pleased to announce the appointment of Laura Porter as its new Head of U.S. Public Finance and Cherian George as the new Global Head of Fitch's Global Infrastructure and Project Finance Group (GIG). Both analytical group heads will report to Dan Champeau, Fitch's Global Head of Public Finance and Infrastructure.
 

why forum

The Infrastructure Footrace: Why China Fits into Africa’s Plans for Development

Africa’s largest sovereign infrastructure investor and trading partner, China as been undeniably changing the infrastructure landscape of Africa, with the Belt and Road Initiative (BRI) driving further investment.

Renewable Energy Project Rating Criteria; Extends to Hydropower

Fitch Ratings has updated its "Renewable Energy Project Rating Criteria" and extended it to cover hydropower projects. Fitch's approach to rating hydropower projects is similar to other renewable energy projects and considers the key rating drivers such as Completion Risk, Revenue Risk - Price, Revenue Risk - Volume, Operation Risk, Debt Structure and Financial Metrics.

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.

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.

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.

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

Contacts

Global

Daniel Champeau

Analytical Group Head

+1 212 908 9188

Global

Cherian George

Global Sector Head

+1 212 908 0519

Global

Ann Flynn

Business Group Head

+1 212 908 9152

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

Scott Zuchorski

North America Analytical

(1) 212 908 0659x1659

North America

Saavan Gatfield

Business

+ 1 212 908 0542

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