Industry Report Card: Project Finance Downgrades Are Likely To Exceed Upgrades In 2025 As Risks Remain Elevated
Negative Outlooks Outweigh Positive For Project Finance
The project finance sector continues to face headwinds from geopolitical turmoil, uncertain trade policies and supply chain pressures, energy transition risk, and increased climate and extreme weather event risk. Nevertheless, we expect to continue to see new, more complex structures and expansion of projects to new geographies, particularly in emerging markets, as well as new asset classes, including digital infrastructure.
For project finance issuers, negative outlooks continue to significantly outweigh positive outlooks, by nearly 3.5x as of September 2024, though down from 4.3x a year earlier. This indicates that we could expect downgrades to continue to outweigh upgrades in fourth-quarter 2024 and through 2025.
74% Of Project Finance Ratings Are Investment-Grade
We rated 318 project finance issuers as of September 2024, of which 254 are public ratings. This total is consistent with previous years, with ratings throughout the U.S., Canada, Europe, the Middle East, Latin America, and Asia-Pacific.
The rating distribution for the project finance sector has been fairly stable over time, with ‘BBB’ remaining the largest category. As of September 2024, the ‘BBB’ category shrank to 38% from its peak of 44% prior to the pandemic in January 2020, while the ‘B’ category ticked up slightly (see chart 1). Overall, 73.6% of project finance ratings are investment-grade, some of those due to credit enhancements, including bond insurance.
The portfolio is split relatively evenly the among power (33%), social (31%), and transportation (27%) sectors, with a smaller portion of commodity and other projects.
Downgrades Continue To Outpace Upgrades
In 2023, downgrades outpaced upgrades by 1.24x, which is slightly higher than 2022, but significantly lower than the high downgrade ratios in 2020 (3.93x) and 2021 (2.04x). The downgrades were concentrated in the power sector and upgrades were spread across sectors.
Chart 1
Project Descriptions
| Project name/Rating and outlook/Description | Asset class | Country |
|---|---|---|
| Commodity | ||
| Abu Dhabi Crude Oil Pipeline(AA/Stable) | ||
| The limited-purpose entity Abu Dhabi Crude Oil Pipeline LLC owns the 405-km operational pipeline in the United Arab Emirates (UAE), which carries crude oil from Abu Dhabi’s strategic onshore crude oil collection center at Habshan to an oil export terminal in Fujairah port and avoids the congested Strait of Hormuz. ADNOC Onshore, which is 60% owned by Abu Dhabi National Oil Co (ADNOC), is the sole user of the pipeline and provides operations and maintenance (O&M) under a 37-year contract, which extends beyond maturity of project debt. The pipeline has a minimum throughput requirement of 600,000 barrels per day (bpd) and capacity of 1.5 million bpd. | Oil pipeline | UAE |
| Belfast Gas Transmission Financing PLC(AA/A-/Stable*) | ||
| Belfast Gas Transmission Financing PLC was set up by Northern Ireland Energy Holdings to acquire Belfast Gas Transmission Pipeline (BGTP) from its previous owners in 2008. BGTP is a welded-steel pipeline approximately 37.4 kilometers (km) in length and 600 millimeters in diameter, with a maximum throughput capacity of 8 million cubic meters per day. Commissioned in 1996, the BGTP connects at its northern extremity to the SNIP at Ballylumford and transports high-pressure gas from SNIP to above-ground installations at Larne, Tory Town, Knocknagoney, and Middle Division. The Premier Transmission System, consisting of the SNIP and the BGTP that extends it, is the only link currently in operation to ship gas through to Northern Ireland. | Gas pipeline | U.K. |
| Cameron LNG LLC(A/Stable) | ||
| Cameron LNG LLC is a limited purpose entity that built and now operates a 12 million ton per year natural gas liquefaction project consisting of three trains and export facilities. Construction ran from October 2014 to August 2020. Cameron will repay debt with cash flow from 20-year tolling agreements with Total S.A., and affiliates of Mitsubishi Corp. and Mitsui & Co., Ltd. Cameron is owned by Sempra Energy, Total, Mitsui & Co., Ltd., and Japan LNG Investment LLC (a joint venture formed by subsidiaries of Mitsubishi Corp. and shipping company Nippon Yusen Kabushiki Kaisha). | LNG plant | U.S. |
| Cheniere Corpus Christi Holdings LLC(BBB/Stable) | ||
| U.S.-based project Cheniere Corpus Christi Holdings LLC (CCH) owns and operates Corpus Christi Liquefaction, a three processing train project that converts natural gas to liquefied natural gas, and Corpus Christi Pipeline L.P., a 23-mile 48-inch diameter natural gas pipeline, both in the U.S. Gulf Coast. Train 3 reached substantial completion in March 2021 and all three trains are now fully operational. CCH is wholly owned by Cheniere Energy Inc. | LNG plant | U.S. |
| Energean Israel Finance Ltd.(BB-/Negative) | ||
| Energean Israel Finance Ltd. (EIFL) issued $2.625 billion of senior secured notes and lent the proceeds to its affiliate, Energean Israel Ltd. (EISL). Until 2044, EISL has the right to develop, operate, and supply gas from the Karish (Karish Main and Karish North) and Tanin gas fields in Israel’s exclusive economic zone (the project). EISL’s plan started with the deployment of the Karish Main field. The initial phase consisted of drilling three deep-water subsea wells; installing a subsea gathering system; constructing a floating production storage and offloading (FPSO) vessel; and constructing a 90-km underwater and 10-km onshore gas export pipeline, including two onshore valve stations. S&P Global Ratings understands that this design allows EISL to optimize reserve recovery while lessening the environmental impact of the development. The first gas was delivered in October 2022 and the three Karish Main wells were online by year-end 2022. EISL completed the deployment of the Karish North field in February 2024 – first well of the Karish North is linked to the FPSO through the second gas export riser, constructed in 2023. Four existing wells should allow EISL to continue to deliver on its gas sales and purchase agreements (GSPAs) until it begins production in the Tanin field (or other alternative fields such as the latest discoveries in the Katlan Area). | Gas field | Israel |
| Esentia Gas Enterprises S. de R.L. de C.V.(BBB/Stable) | ||
| Esentia Gas Enterprises S. de R.L. de C.V. consists of two natural gas pipelines in Mexico, Tarahumara Pipeline (TP) and Esentia Pipeline de Toluca (EPT). TP transports gas from the Mexico-U.S. border in Ciudad Juarez to El Encino, the state of Chihuahua. EPT transports gas from Palmillas, the state of Queretaro to Toluca, the state of Mexico. | Gas pipeline | Mexico |
| FLNG Liquefaction 2 LLC(BBB/Negative) | ||
| FLNG Liquefaction 2 LLC (FLIQ2) is a project developed by Freeport LNG that constructed and is now operating a liquefation train that converts natural gas to liquefied natural gas (LNG) in the U.S. Gulf Coast. Construction was completed in early 2020. FLIQ2 operates as a tolling facility whereby BP Energy Co. will supply FLIQ2 with natural gas and buy the LNG that FLIQ2 produces from it under a fixed-price 20-year agreement. | LNG plant | U.S. |
| FLNG Liquefaction 3 LLC(BBB/Negative) | ||
| FLNG Liquefaction 3 LLC (FLIQ3) is the third liquefaction train being built by Freeport LNG Development L.P. in the U.S. Gulf Coast. Construction was completed in Q2 2020 by a construction joint venture between CB&I, Zachry Industrial Inc., and Chiyoda International Corp. The project has offtake agreements with Toshiba Corp and SK E&S LNG. | LNG plant | U.S. |
| Leviathan Bond Ltd.(BB-/Negative) | ||
| Leviathan issued $2.25 billion to refinance its portion of the construction and development costs of the Leviathan gas field. Following a repayment of the 2023 bonds, the principal outstanding on Leviathan’s bonds was $1.75 billion. Discovered in 2010, Leviathan is an offshore gas field in the eastern Mediterranean and is the largest natural gas reserve in Israel. Situated approximately 120 km west of Haifa, with a production platform located 10 km off the coast of Dor, Israel, Leviathan currently supplies gas to Israel, Egypt, and Jordan (first gas was delivered in December 2019). According to a reserve report prepared by independent engineering consultant Netherland, Sewell, & Associates Inc., the field had proved (1P) reserves totaling 13,813.0 billion cubic feet of gas and 30.4 million barrels of condensate oil as of Dec. 31, 2022 (under Petroleum Resources Management System standards), and an annual production capacity of 12 billion cubic meters. Rights to explore and produce petroleum and gas in the Leviathan field were granted proportionately to NewMed Energy Limited Partnership (45.34%; Leviathan’s parent company), Chevron Mediterranean Ltd. (39.66%), and Ratio Energies (15.00%) under a production lease until February 2044 with an option to extend by up to 20 years if the partners continue to produce from the field. A joint operating agreement (JOA) defines the operations and associated infrastructure among the three parties in their respective proportions of the lease. Chevron Mediterranean Ltd. operates the field under the terms defined in the lease and JOA. Leviathan has long-term GSPAs under export contracts that account for about 70%-80% of gas production capacity under the 2P scenario (proved and probable reserves). The remainder is supplied to energy producers in Israel. The contracts have a weighted-average length of 12 years. In addition, in March 2024 Leviathan started sales of condensate to Ashdod Refinery Ltd., creating additional revenue stream from the Israeli market. | Gas field | Israel |
| MV24 Capital B.V.(BB+/Stable) | ||
| MV24 is oil and gas production platform, which is located in the pre-salt area in the Iracema Sul region of the Santos Basin. The project has a capacity of 150,000 barrels of oil per day and 280 m3 of gas. | Oil production platform | Brazil |
| North West Redwater Partnership(A-/Stable) | ||
| North West Redwater Partnership (NWR) is a 50-50 partnership between NWU L.P. and Canadian Natural Upgrading Ltd. NWR operates an upgrading and refining facility with the capacity to process approximately 77,000 barrels per day of bitumen blend. The project achieved commercial operations in June 2020. The NWR refinery is in Sturgeon County, the industrial heartland of Alberta. NWR has entered separate tolling agreements with Canadian Natural Resources Partnership (owned by Canadian Natural Resources Ltd. (CNRP)) and the Alberta Petroleum Marketing Commission (APMC). Under the tolling agreements, CNRP supplies the project with 12,500 barrels per day (bpd) and the APMC supplies 37,500 bpd of raw bitumen, plus associated diluents. NWR is responsible for refining and marketing the refined products for which it receives a cost-of-service toll. | Refinery | Canada |
| NWR Financing Co. Ltd.(A-/Stable) | ||
| NWR Financing Company Ltd. Is the debt issuing vehicle for North West Redwater Partnership. | Refinery | Canada |
| Premier Transmission Financing PLC(A/Stable) | ||
| Premier Transmission Financing PLC owns and manages the 61-centimeter-diameter Scotland-Northern Ireland Gas Pipeline (SNIP) and the Belfast Gas Transmission Pipeline (BGTP) that extends it, through which all of the gas that is currently consumed in Northern Ireland flows from the Great Britain system. The pipeline runs a distance of 135 km, of which 90 km is onshore in Scotland, 42 km is offshore crossing the Irish Sea, and 3 km is onshore in Northern Ireland. It has a contracted capacity entitlement of up to 8.08 million cubic meters per day. | Gas pipeline | U.K. |
| QatarEnergy LNG S(3)(AA-/Stable) | ||
| QatarEnergy LNG S(2) (QE LNG S2) and QatarEnergy S(3) (QE LNG S3), collectively QE LNG, are gas extraction and LNG production facilities in the State of Qatar. The two entities were set up to enter into limited recourse financings for the purpose of designing, building, and operating liquefied natural gas (LNG) trains 3, 4, and 5 for QE LNG S2 and trains 6 and 7 for QE LNG S3, with a design production capacity of 14.1 mtpa and 15.6 mtpa production capacity, respectively. The debt issuance was used to fund the remaining construction activities of QE LNG S3, which were fully completed in 2011 following the completion of train 7. At year-end 2023, QE LNG S3 had $1.58 billion of outstanding bonds and senior debt ranking pari passu and maturing in September 2027, while QE LNG S2 has been free of debt since September 2020. QE LNG S2 and QE LNG S3 are each 70% owned by QatarEnergy and 30% owned by Exxon Mobil Corp. | LNG plant | Qatar |
| Sabine Pass Liquefaction LLC(BBB+/Stable) | ||
| Sabine Pass Liquefaction, a subsidiary of Cheniere Energy Partners L.P., is a six-train LNG production project that obtains natural gas, converts it to LNG, and sells it to offtakers who pay a fee for production capacity and a fee for each unit of LNG produced. The sixth train was completed in early 2022, and all six trains are operating as anticipated. | LNG plant | U.S. |
| Vast Infraestrutura S.A.(BB/Stable) | ||
| Vast Infraestrutura, formerly known as Açu Petróleo, owns a crude oil transshipment terminal in the pre-salt area in off the coast of the Rio de Janeiro state. The project has a capacity of 1.3 million barrels per day. | Terminal | Brazil |
| Venture Global Calcasieu Pass LLC(BB+/Positive) | ||
| Venture Global Calcasieu Pass (VGCP) is a 10-million metric ton per year liquefaction facility on the Gulf Coast in Cameron Parish, La. The project is under construction, with the facility declared substantially complete as of Oct. 31, 2022. VGCP is unique because its construction is modular, with liquefaction modules built in overseas factories and fabrication yards. VGCP procures natural gas for the conversion and subsequent sale of LNG. Once the project declares COD, it will sell LNG under long-term take-or-pay sales and purchase agreements. | LNG plant | U.S. |
| Other | ||
| Foundry JV Holdco LLC(BBB/Negative) | ||
| Foundry JV HoldCo LLC (HoldCo) is a limited purpose entity that owns 49% of a Joint Venture with Intel Corp. to build and operate two semiconductor wafer production facilities in Arizona. While Intel does not guarantee HoldCo’s debt obligations, Intel bears the construction, wafer production, and offtake risks related to the JV. HoldCo retains risks related to refinancing, breakage costs, and de minimis special-purpose vehicle cost escalation. We use the “Principles Of Credit Ratings” in conjunction with our project finance methodologies to assign ratings to the debt. | Chip manufacturing | U.S. |
| Gemini HDPE LLC(BB/Negative) | ||
| Gemini HDPE LLC is a 50/50 joint venture between Ineos AG (Ineos) and Sasol Ltd. Gemini, a special-purpose, bankruptcy-remote entity, raised $524 million of capital to fund the construction of a 1 billion-pound bimodal high-density polyethylene (HDPE) plant in La Porte, Texas. | High density polyethylene | U.S. |
| Igua Rio de Janeiro S.A.(brAAA/Stable) | ||
| Igua Rio supplies water and sewage collection services to 1.2 million consumers in the western part of the Rio de Janeiro city and two other municipalities in the state. The company Is a subsidiary of Iguá Saneamento. | Water and sewage system | Brazil |
| Inter Media and Communication SpA(B/Stable) | ||
| Inter Media and Communication is a bankruptcy-remote special purpose vehicle holding the intellectual property, media rights, and sponsorship revenues of F.C. Internazionale Milano S.p.A. | Football team media and sponsorship | Italy |
| Natgasoline LLC(BB-/Stable) | ||
| Natgasoline is a greenfield methanol production complex in Beaumont, Texas. It has a capacity of up to 1.75 million metric tons per year and was commissioned in 2018. | Methanol plant | U.S. |
| Power | ||
| Adani Green Energy Limited Restricted Group 2(BB+/Stable) | ||
| AGEL RG2 consists of three operating entities–Wardha Solar (Maharashtra) Pvt. Ltd., Kodangal Solar Park Pvt. Ltd., and Adani Renewable Energy (RJ) Ltd. These entities are the co-issuers and co-guarantors of the $362.5 million senior secured fixed-rate 20-year bond. The three issuers collectively own and operate a portfolio of 10 solar assets in two states in India, with 570 MW of installed capacity. Sales are fully contracted under long-term fixed-price power purchase agreement. The offtakers include government-owned Solar Energy Corp. of India (70% of total EBITDA) and state distribution utilities Maharashtra State Electricity Distribution Co. Ltd. (25% of total EBITDA) and Bangalore Electricity Supply Co. Ltd. (5% of total EBITDA). | Power – solar | India |
| Alfa Transmisora de Energia S.A.(BBB-/Stable) | ||
| Alfa Transmisora de Energia operates 899 km of transmission lines in Chile. Under a perpetual concession agreement, the project is entitled to receive annual guaranteed revenue. | Transmission lines | Chile |
| Alta Wind Holdings LLC(BBB-/Negative) | ||
| Alta Wind Holdings LLC owns and operates, through its subsidiaries, four wind power projects (Alta Wind Projects II through V) totaling 570 MW in the Tehachapi Pass region of California, about 100 miles north of Los Angeles. The project sells power to Southern California Edison Co. under long-term power purchase agreements and service debt with cash flow from energy sold under the power purchase agreement. Alta is wholly owned indirectly by NRG Yield Inc. | Power – wind | U.S. |
| Anselma Issuer S.A.(AA/BB/Stable*) | ||
| The project operates a portfolio of 18 solar photovoltaic parks located in Spain, with an aggregate capacity of 35.34 MW. All assets have been operating since 2007 or 2008, and the project earns revenue under the Spanish regulated renumeration regime for renewable projects. | Power – solar | Spain |
| Astoria Energy LLC(B+/Stable) | ||
| Astoria Energy LLC is a special-purpose, bankruptcy-remote entity that owns a 585-megawatt (MW) natural gas-fired power plant in Queens, N.Y. It is owned by a consortium of sponsors, including GDF Suez NA (43.94%), MyPower Corp. Inc. (35.57%), JEMB Family L.P./Harbert Management Corp. (14.68%), and Energy Investors Fund (5.82%). The power purchase agreement with Consolidated Edison of New York ran through April 2016, and it became a merchant generator when that contract expired. | Power – natural gas | U.S. |
| Atlantica Transmision Sur S.A.(BBB-/Stable) | ||
| Atlantica Transmision Sur operates 915 km of transmission lines along Peru’s southern coastline. Under a 30-year concession agreement, the project is entitled to receive annual guaranteed revenue. | Transmission lines | Peru |
| Barueri Energia Renovavel S.A.(brAA-/Stable) | ||
| Barueri Energia Renovável is a waste-to-energy thermal plant in Brazil, which will have an installed capacity of 20 MW and processing capacity of 870 tons of organic waste. The commercial operation date is expected for 2027. The plant will use municipal residual waste to generate electricity, sold under long-term power purchase agreements. | Power – thermal | Brazil |
| Buffalo Energy Infrastructure S.A. de C.V(BBB/Stable) | ||
| Buffalo Energy (or Valia Energia) is a private energy generation portfolio with seven power plant in Mexico, with an installed capacity of about 3.2 GW and a 58-km natural gas pipeline | Power – natural gas | Mexico |
| Cachoeira Paulista Transmissora de Energia S.A.(brAAA/Stable) | ||
| Cachoeira Paulista Transmissora de Energia (CPTE) operates 181 km of power transmission lines in the São Paulo state under a concession until 2032. The project is owned by Celeo Redes. | Transmission lines | Brazil |
| Caldeirao Grande Energias Renovaveis S.A.(brAA/Stable) | ||
| Caldeirao Grande owns seven wind parks in the Piauí state, with and installed capacity of 189 MW and concession until 2043. | Power – wind | Brazil |
| Carroll County Energy LLC(BB-/Stable) | ||
| Carroll County is a natural gas fired combined-cycle plant with a 700 MW capacity. CCE is located in Carroll County, Ohio and dispatches into the American Electric Power (AEP) zone of PJM. It has been operating since December 2017, has a revenue put stabilizing revenues through 2023, and gas supply agreement with DTE via the Tennessee Gas Pipeline. Project debt is a term loan B due in 2025. | Power – natural gas | U.S. |
| CE Oaxaca Cuatro S. de R.L. de C.V.(BBB/Negative) | ||
| CE Oaxaca Cuatro is a wind farm in the Isthmus region of Tehuantepec in the state of Oaxaca, with 102 MW of installed capacity. It has a take-or-pay power purchase agreement until 2032 with Comisión Federal de Electricidad (CFE) for all energy produced. | Power – wind | Mexico |
| CE Oaxaca Dos S. de R.L. de C.V.(BBB-/Negative) | ||
| CE Oaxaca Dos is a wind farm in the Isthmus region of Tehuantepec in the state of Oaxaca with, 102 MW of installed capacity. It has a take-or-pay power purchase agreement until 2030 with CFE for all energy produced. | Power – wind | Mexico |
| Celeo Redes Operacion Chile S.A.(BBB/Stable) | ||
| Celeo Redes Operacion Chile operates two trunk transmission lines in Chile. Under perpetual concessions, the project is entitled to receive annual guaranteed revenue. | Transmission lines | Chile |
| Chapada do Piaui I Holding S.A.(brCCC-/Negative) | ||
| Chapada I owns seven wind parks in the Piauí state, with an installed capacity of 205 MW and 114.3 MW of assured energy on an aggregate basis. | Power – wind | Brazil |
| Ciclo Combinado Tierra Mojada(BBB/Stable) | ||
| The project is a 875-MW combined cycle natural gas turbine located near the city of Guadalajara in the state of Jalisco, Mexico. The plant is fully constructed and is operating. It has a 20-year power purchase agreement for 600 MW of capacity with a subsidiary of Comisión Federal de Electricidad, and sells the remainder of its net capacity and energy to a number of other offtakers under shorter-term power purchase agreements. It has a 20-year natural gas supply agreement with CFE and has outsourced operations and maintenance to NAES Mexico and General Electric Global Services. | Power – thermal | Mexico |
| Compass Power Generation LLC(BB-/Stable) | ||
| Compass Power is an independent power producer with three operating assets–the Marcus Hook Energy Center (which has a capacity contract to 2030 and also sells energy into PJM), Dighton (based in ISO-New England), and Milford (also in ISO-NE, with cleared capacity through 2027). | Power – natural gas | U.S. |
| Continental Wind LLC(BBB/Negative) | ||
| Continental Wind is a portfolio of 13 wind power projects totaling 667 MW across Oregon, Idaho, Kansas, New Mexico, Texas, and Michigan. It earns cash flow from long-term power purchase agreements and renewable energy credit agreements with utilities, cooperatives, and municipal generators and from federal production tax credits. Exelon Generation Co. LLC indirectly owns Continental Wind. It uses multiple turbine providers (GE, Nordex, Vestas, Suzlon, and REpower) and different operators at the various locations, and the plants achieved commercial operations between 2008 and 2012. The project debt amortizes in full by 2033. | Power – wind | U.S. |
| CPV Maryland LLC(BB-/Stable) | ||
| CPV Maryland is also known as St. Charles Energy Center. It is an operating 745 MW natural gas-fired CCGT facility located in Charles County, Maryland. It achieved COD in 2017 and uses a GE 7FA.05 turbine technology. It operates in the PEPCO Zone of the PJM power market. | Power – natural gas | U.S. |
| CPV Shore Holdings LLC(B/Negative) | ||
| CPV Shore Holdings LLC is a natural gas fired combined cycle generation plant based in Woodbridge, New Jersey. The power plant consists of two duct fired triple pressure reheat Heat Recovery steam generator, two wet evaporative cooled GE 7FA.05 gas turbines, and one GE D11 steam turbine. CPV generates net output of approximately 725 MW using a heat rate 6,900 Btu/kW technology. CPV obtains natural gas, via a dedicated lateral, from the nearby Transco Mainline (Zone 6 NNY) with planned dual interconnect with TETCO Mainline (M3). Commercial operations began in 2016, and the project is in the PJM power market and sells all production on a merchant basis. | Power – natural gas | U.S. |
| CSolar IV South LLC(BBB+/Stable) | ||
| CSOLAR IV South LLC (CSolar) is 130-MW (AC) fixed-tilt thin-film solar photovoltaic power project located in California’s Imperial Valley. The project achieved commercial operations on Nov. 1, 2013, and operates under a 25‐year as‐available power purchase agreement with San Diego Gas and Electric Co. CSolar is jointly owned by affiliates of Tenaska Energy Inc. and Enfinity Global. The solar panels were supplied by First Solar, and First Solar is also the operator of the plant. | Power – solar | U.S. |
| Desarrollos Empresariales Trafalgar S.A.(AA/BB+/Stable*) | ||
| Desarrollos Empresariales Trafalgar S.A. (DET) issued €342 million of senior secured notes in 2020, which are serviced via receivables generated by 23 photovoltaic (PV) plants that convert light into electricity. The PV plants’ portfolio is closed, meaning that PV assets cannot be added or removed during the tenor of the debt. The PV plants have an aggregate nominal capacity of 55 MW and benefit from the Spanish regulatory framework for renewable projects until 2038 and 2041. The modules across the portfolio were provided by 27 different manufacturers, the majority of which are still in business. The inverters were also provided by 11 different manufacturers. | Power – solar | Spain |
| Eastern Power LLC(B/Stable) | ||
| Eastern Power is a project-financed portfolio of three facilities (Astoria, Gowanus, and Narrows) totaling 1.63 gigawatts (GW) with a weighted age of 59 years. These plants serve New York Independent System Operator (NYISO, Zone J). | Power – thermal | U.S. |
| Edgewater Generation LLC(BB-/Stable) | ||
| Edgewater Generation is a portfolio of four natural gas fired assets totaling 2.7 GW. The 1.3 GW Fairless Power Station is the portfolio’s marquee assets, located in Pennsylvania within PJM. Also within PJM are the West Lorain and Garrison facilities. West Lorain is a 545 MW peaking facility near Lake Erie in Lorain, Ohio, and Garrison is a 309 MW facility in Dover, Del. The portfolio also has exposure to ISO-NE via its 510-MW Manchester Street Power Station is located in Rhode Island. The project’s sponsor is Starwood Energy Group. | Power – natural gas | U.S. |
| EFS Cogen Holdings I LLC(B+/Stable) | ||
| EFS Cogen Holdings I LLP is a special-purpose, bankruptcy-remote entity that owns two gas-fired combined-cycle cogeneration facilities at the site of the Phillips 66 Bayway Refinery in Linden, N.J. The assets are the 777 MW Linden 1-5 facility, completed in May 1992, and the 165 MW Linden 6 facility, completed in January 2002. | Power – natural gas | U.S. |
| Eletrans S.A.(A-/Stable) | ||
| Eletrans operates two trunk transmission lines in Chile. Under perpetual concessions, the project is entitled to receive annual guaranteed revenue. | Transmission lines | Chile |
| Elwood Energy LLC(CCC+/Negative) | ||
| Elwood is a 1,350-MW power plant about 50 miles southwest of Chicago. The project has nine simple-cycle 7FA combustion turbines sourced from General Electric Co. It operates as a peaking facility that earns revenue by selling production capacity and electricity into PJM’s ComEd power market. Illinois’ Climate and Equitable Jobs Act, enacted in late 2021, restricts Elwood’s carbon emissions corresponding to maximum annual generation of about 388 gigawatt hours (GWh). Elwood is one of nine assets owned by Japan-based Electric Power Development Co. Ltd. (J-Power; A/Stable) and John Hancock Life Insurance Co. (USA) (AA-/Stable) in a 50/50 joint venture. Significant decisions, including bankruptcy filing, need approval of both partners, therefore we delink the project from its parents. | Power – natural gas | U.S. |
| Emirates SembCorp Water & Power Co. PJSC(A-/Stable) | ||
| The project is a AE-based limited-purpose entity that owns, operates, and maintains the Fujairah F1 Independent Water and Power Plant (Fujairah F1 IWPP) in Fujairah, one of the seven emirates that make up the UAE. Fujairah IWPP comprises 760 MW of net contracted power capacity and 130 million imperial gallons per day of net contracted water capacity. The original plant started operations in June 2004, and water capacity was upgraded in 2015. The project operates like a tolling plant, with capacity sole to Emirates Water and Electricity Company (EWEC, formerly Abu Dhabi Water and Electricity Co). | Power and water desalination | UAE |
| Enersol Solar Santa Lucia S.A.(AA/BBB/Stable*) | ||
| Enersol Solar Santa Lucia S.A. owns a portfolio of nine solar photovoltaic parks located in the southern region of Spain, with an aggregate capacity of 38 MW. All PV plants have been operating since 2008, and the project operates under the Spanish regulated renewable renumeration scheme. The project initially issued debt through newly created entity Izcalli Investments S.A.U., which was later merged with the project company. | Power – solar | Spain |
| Exeltium S.A.S.(BBB-/Stable) | ||
| France-based Exeltium S.A.S. is a virtual power project transaction, which provides competitive wholesale power to large energy-intensive industrial companies with operations in France. The transaction’s objective is to provide long-term certainty for industrial offtakers in terms of the prices and volumes of electricity available. The transaction has a single large supply contract with French state-owned electricity company Electricite de France S.A. and various offtake agreements with industrial clients. Exeltium issued debt to refinance all existing debt raised in 2010 and will repay the debt on an ongoing basis with receivables from the various major industrial offtakers under downstream contracts. | Power | France |
| Fiemex (Fideicomiso De Inversion En Energia Mexico)(BBB/Stable) | ||
| The project is a private energy generation portfolio based in Mexico that comprises 13 power plants with an overall installed capacity of around 8.5 GW. Twelve of the power plants are combined-cycle combustion turbine block configuration generation sites with varying amounts of combustion turbines (CT), steam turbines (ST), CT generators, and ST generators. One plant is a wind farm site. | Power – thermal | Mexico |
| FSL Issuer S.A.U.(AA/B/Stable*) | ||
| FSL Issuer S.A.U. issued debt to refinance existing debt on nine operational photovoltaic power plants with total capacity of 65 MW. The projects have contracted revenues under the Spanish regulatory framework for renewable projects for terms that run until 2037 to 2041. 98.5% of the panels are crystalline silicon and 1.5% are thin film technologies. Panel and inverter providers are diversified. | Power – solar | Spain |
| Generation Bridge Northeast LLC(BB/Stable) | ||
| Generation Bridge Northeast LLC owns a portfolio of eight assets with a total net capacity of about 5.1 GW across NYISO Zone J (Arthur Kill [873 MW]), NYISO ROS (Bethlehem [877 MW] and Oswego [1,635 MW]), and ISONE (Bridgeport [500 MW], New Haven Steam [437 MW], Montville [486 MW], CT Jets [169 MW], and Devon [166 MW]). The project is wholly owned by affiliates of ArcLight, and managed by Eastern Generation. | Power – natural gas | U.S. |
| Geradora Eolica Bons Ventos da Serra I S.A.(brBBB-/Negative) | ||
| Bons Ventos owns an onshore wind power project in the Ceará state, with an installed capacity of 23.1 MW through 11 turbines (2.1 MW each). | Power – wind | Brazil |
| Hallett Hill No 2 Pty Ltd.(BBB/Stable) | ||
| Hallett Hill No.2 Pty Ltd. is the owner of the Hallett Hill 2 wind farm, located 200 km north of Adelaide in South Australia. The wind farm has a total capacity of 71.4 MW and consists of 34 turbines, each with a capacity of 2.1 MW. The wind farm was originally built by AGL Energy Ltd., which sold it in 2008 to Energy Infrastructure Trust, a wholesale unlisted unit trust focused on infrastructure assets. As part of the transaction, AGL entered into a 25-year offtake contract on a take-or-pay basis, under which AGL will acquire all the electricity generated by the wind farm in return for a CPI-linked fixed payment profile. | Power – wind | Australia |
| Hamilton Projects Acquiror LLC(BB-/Stable) | ||
| The project owns the Liberty and Patriot combined cycle power plants. The plants have a capacity of 829 MW and 842 MW, respectively, and both reached commercial operations in 2016. Both are located in Pennsylvannia and dispatch into the PJM region. | Power – natural gas | U.S. |
| Helix Gen Funding LLC(NR) | ||
| Helix Gen Funding LLC is a project-financed entity sponsored by private equity fund LS Power Equity Partners III L.P. It initially acquired four unregulated power generation facilities in 2017 from TransCanada Corp, but sold all assets, except the 2.4 GW Ravenswood facility, which is located in NYISO zone and can run on gas or oil. | Power – thermal | U.S. |
| Hypesol Solar Inversiones S.A.U.(AA/BB-/Stable*) | ||
| Hypesol issued €325.6 million of senior secured notes and lent the proceeds to the Helios I and Helios II (ProjectCos) on similar terms and conditions as those of its own bond issuance. The issuer services the notes using receivables from the proceeds it lent to the ProjectCos, which generate their cash flows by converting sunlight into electricity through two concentrating solar power (CSP) plants. Situated in central Spain and commercially operational since 2012, the plants each have a nominal capacity of 50 MW. They benefit from the Spanish regulatory framework for renewable projects until December 2037. | Power – solar | Spain |
| Invenergy Thermal Operating I LLC(BB-/Stable) | ||
| Invenergy Thermal Operating I (ITOI) owns a 2.2-GW (net capacity) portfolio of four operating gas-fired electric power plants, each in a different North American Electric Reliability Corp. region. The portfolio consists of (on a gross capacity basis): 100% ownership of another four assets: St. Clair, a contracted 584-MW CCGT in Ontario, Canada; Nelson, a mostly merchant 615-MW CCGT in Illinois; Nelson Expansion (a co- tenant of Nelson), a mostly merchant 380 MW dual-fueled simple cycle gas turbine with 951,780 gallons of fuel storage on site; and Grays Harbor, a merchant (as of 2020) 620-MW CCGT in Washington State. | Power – natural gas | U.S. |
| Kestrel Acquisition LLC(B/Stable) | ||
| Kestrel Acquisition LLC is the owner of the Hunterstown power plant, an 810 MW combined cycle gas-fired merchant power plant located in the Western MAAC zone of the Pennsylvania-New Jersey-Maryland (PJM) interconnection. The project has a term loan B and is primarily owned by Platinum Equity Capital Partners IV L.P. | Power – natural gas | U.S. |
| Lightstone HoldCo LLC(B-/Positive) | ||
| Lightstone HoldCo LLC has four power plants totaling 5.3 GW in the Pennsylvania-Jersey-Maryland (PJM) power market in the U.S. The projects are Darby Generating Station (480 MW combustion turbine), Lawrenceburg Generating Station (1.224 GW CCGT), Waterford Energy Center (882 MW CCGT), and General James M. Gavin Power Plant (2.691 GW supercritical coal). All plants are in Ohio or Indiana. The projects are merchant and receive capacity and energy revenues. The project has a term loan B and is owned by the Blackstone Group and Arclight Capital Partners. | Power – thermal | U.S. |
| Manaus Transmissora de Energia S.A.(brAAA/Stable) | ||
| Manaus Transmissora operates roughly 586 km power transmission lines in the Amazonas and Pará states. The project has a 30-year concession agreement until 2038. | Transmission lines | Brazil |
| Mexico Generadora de Energia S. de R.L.(BBB+/Stable) | ||
| Mexico Generadora de Energia S. de R.L. (MGE) was formed to develop, construct, operate, and maintain two nominal 250-MW natural gas fired combined cycle generation facilities. Grupo México S.A.B. de C.V. indirectly owns 99.99% of MGE. Energy is sold through two long-term offtake contracts with Mexicana de Cobre S.A. de C.V. and Buenavista del Cobre S.A. de C.V.. Phase I achieved COD on Dec. 1, 2013, and Phase II began its COD in January 2015, at which point fixed-capacity payments began. | Power – natural gas | Mexico |
| Midland Cogeneration Venture L.P.(BB+/Stable) | ||
| Midland Cogeneration Venture L.P. (MCV) is a 1,633-MW natural gas-fired combined-cycle power plant in Midland, Mich., that entered commercial operations in 1990. One of Canada’s largest pension funds, OMERS Administration Corp., owns the plant. Up to 1,240 MW of the asset’s energy and capacity are contracted to Consumers Energy through a power purchase agreement that expires in 2030. In addition, the asset has a long-term service agreement with General Electric Co. through 2021. The project has a steam and electric power purchase agreement with The Dow Chemical Co. MCV also earns revenue by selling some of its capacity, energy, and ancillary services into the Mid-Continent Independent Transmission System Operator region on a merchant basis. | Power – natural gas | U.S. |
| Nautilus Power LLC(B-/Negative) | ||
| Nautilus Power LLC has a portfolio of six natural gas powered generation facilities (CCGT and peaking units) totaling 1.75 GW located in New Hampshire, Massachusetts, New Jersey, and Maryland. | Power – natural gas | U.S. |
| Norte Brasil Transmissora de Energia S.A.(brAAA/Stable) | ||
| Norte Brasil operates 2,411 km power transmission lines in the Rondônia state. Under a 30-year concession agreement until 2039, the project is entitled to receive annual guaranteed revenue of R$365 million in the 2023-2024 cycle. | Transmission lines | Brazil |
| Oregon Clean Energy LLC(BB-/Stable) | ||
| Oregon Clean Energy LLC (OCE or the project) is an 869-MW natural gas-fired combined cycle generation facility (CCGT) located in Oregon, Ohio. The project reached COD in July 2017 and is located near the load center of Toledo, Ohio. OCE sells capacity, energy, and ancillary services into the American Transmission System Inc. region of the PJM market; the project sources gas from the Marcellus and Utica basins via the ANR and Panhandle Eastern pipelines. | Power – natural gas | U.S. |
| Pampa Transmissao de Energia S.A.(brAA+/Positive) | ||
| Pampa Transmissão is a transmission line that started full operations in June 2024, after facing construction delays. The project has a concession contract to operate 326 km of power transmission lines in the state of Rio Grande do Sul and entitled to receive a total RAP of approximately R$74 million (base date as of July 2018). | Transmission lines | Brazil |
| Panoche Energy Center LLC(B+/Negative) | ||
| Panoche Energy Center LLC (PEC) is a 400-MW gas-fired simple-cycle power plant in Panoche, Calif., about 50 miles west of Fresno. The project started commercial operations in 2009. PEC is owned by funds managed by Ares EIF Management LLC. PEC earns its revenue through a long-term power purchase agreement with PG&E. It contracts out day-to-day operations and maintenance to NAES Corp. A contractual services agreement with GE Energy, an affiliate of General Electric Co, covers major maintenance. | Power – natural gas | U.S. |
| Parkway Generation LLC(B+/Negative) | ||
| Parkway Generation LLC is an eight-asset power portfolio with 4,805 MW nameplate capacity in the Eastern Mid-Atlantic Area Council and Mid-Atlantic Area Council zones of the PJM. The project’s assets operate on a merchant basis and sell power into the Public Service Enterprise Group Inc. and Potomac Electric Power Co. zones of PJM. | Power – natural gas | U.S. |
| Parque Eolico Kiyu S.A.(BBB-/Stable) | ||
| Parque Eolico Kiyu owns an onshore wind power facility in Uruguay, with an installed capacity of 49.2 MW. | Power – wind | Uruguay |
| Planta de Reserva Fria de Generacion de Eten S.A.(BBB-/Stable) | ||
| Eten owns a dual fuel simple-cycle power generation plant of 230 MW and a 220 kilovolt transmission line in Peru. | Power – natural gas | Peru |
| Prime Energia SpA, EnfraGen Spain S.A.U., EnfraGen Energia Sur S.A.U.(BBB-/Stable) | ||
| Prime Energia, EnfraGen Spain, and EnfraGen Energia Sur own 25 power assets in Chile, Panama, Colombia, and Costa Rica, with an installed capacity of 1.9 GW. | Power | Chile, Colombia, Panama |
| Revere Power LLC(CCC+/Stable) | ||
| Revere Power LLC is a project-financed entity that wholly owns and controls three combined cycle gas plants in New England with a combine winter capacity of 1,143 MW. The portfolio’s assets, known as Bridgeport, Tiverton, and Rumford, sell all of their output on a merchant basis within the ISO-New England (ISO-NE) jurisdiction. | Power – natural gas | U.S. |
| Rowville Transmission Facility Pty Ltd.(BBB+/Stable) | ||
| NDC is entirely owned by Plenary Americas Holdings Ltd. | Transmission lines | Australia |
| Ruwais Power Co. PJSC(BBB+/Stable) | ||
| Ruwais Power Co. PJSC (Shuweihat 2) is a private joint stock company incorporated under the laws of the UAE and the Emirate of Abu Dhabi. ProjectCo manages the development, ownership, insurance, and operation and maintenance of the brownfield power generation and seawater desalination plant at the Shuweihat complex in the Emirate of Abu Dhabi. The S2 plant is a base load tolling plant, representing approximately 10% of the net installed power capacity and approximately 12% of the net installed water capacity of independent power and water plants implemented by the Abu Dhabi Department of Energy under its privatization program. Bond proceeds have been used primarily to refinance existing debt at a lower anticipated cost, and to return money to shareholders. The 25-year term of the power and water purchase agreement entered into by and between ProjectCo and Emirates Water and Electricity Company, a 100% subsidiary of DOE, extends beyond the maturity of all refinanced debt. | Power and water desalination | UAE |
| Solaben Luxembourg S.A.(BBB+/Negative) | ||
| Luxembourg-based limited-purpose entity Solaben Luxembourg S.A. issued bonds and on-lent the proceeds under individual agreements to Solaben Electricidad Uno S.A. and Solaben Electricidad Seis S.A. (the ProjectCos). ProjectCos used the proceeds to refinance the construction of two 50-MW solar thermal plants with parabolic trough technology (Solaben 1 and 6) based in the Extremadura region of Spain. Solaben 1 and 6 entered into commercial operation in the summer of 2013. The issuer and ProjectCos are ultimately owned by Atlantica Yield PLC. | Power – solar | Spain |
| Solar Star Funding LLC(BBB/Stable) | ||
| Solar Star Funding LLC is a 589 MW-AC power project consisting of a 310 MW AC facility and a separate, adjacent 279 MW AC photovoltaic facility in California’s Kern and Los Angeles counties. The project’s cash flows are generated by converting solar energy into electricity and selling it to offtaker Southern California Edison under long‐term power purchase agreements. Construction work of the project was completed in mid-2015 and operations began at both its sites, Solar Star 1 and Solar Star 2 in July 2015. It has contracted with Northstar Energy Management to perform all operations and maintenance activities. | Power – solar | U.S. |
| Sonnedix Finance S.A.(BBB/Stable) | ||
| In 2016, Luxembourg-based limited-purpose entity Sonnedix issued three series of notes totaling €404.4 million. Sonnedix lent the proceeds of the notes to Sonnedix España Equityco S.L. under the initial on-loan agreement. Sonnedix España Equityco subsequently on-lent the proceeds to 35 special-purpose vehicles (ProjectCos) that own and operate 42 solar photovoltaic parks. The notes rank pari passu, mature in June 2036, and have a coupon of 3.195% paid on June 30 and Dec. 31 each year. The portfolio has an aggregate gross generating capacity of approximately 87.7 MW on a nominal basis, with peak capacity of 98.4 MW. Most of the parks began commercial operations in 2008, and they all benefit from the special regulatory regime for renewable assets in Spain until 2038. | Power – solar | Spain |
| St. Joseph Energy Center LLC(BB-/Stable) | ||
| St. Joseph Energy Center LLC (SJEC) is a 709-MW natural gas-fired CCGT in New Carlisle, Ind., in the AEP zone of the PJM market. The plant began commercial operations on April 1, 2018. While the project sells electricity into the merchant market, its heat rate between 6,600 and 6,800 Btu per kWh makes it one of the most efficient CCGT power plants in the region, and it also has a revenue put contract through August 2023 that stabilizes revenues through that period. | Power – natural gas | U.S. |
| Sweihan PV Power Co. PJSC(A-/Stable) | ||
| Sweihan PV Power Co. PJSC (SPPC or Noor) is a UAE-based limited-purpose entity that owns, operates, and maintains the Noor photovoltaic (PV) complex in Abu Dhabi, one of the seven emirates that make up the UAE. Noor PV was the largest single-site solar PV project at the time of completion in April 2019 with an installed capacity of 1,177 MW (DC) (881MW [AC]). SPPC operates as an independent power project (IPP) with a long-term power purchase agreement with Emirates Water and Electricity Co. PJSC for all electricity output from the site. Following an extension of its existing term, the power purchase agreement has a term of 30 years from commencement of commercial operations and expires in April 2049. At the time of bid submission in 2016, the project had the most competitive levelized tariff achieved to date in the global solar PV market. | Power – solar | UAE |
| Tecnica Universal Solar S.A.(BBB-/Negative) | ||
| Tecnica Universal Solar operates a portfolio of five solar photovoltaic plants situated throughout Spain with a nominal capacity of 8.79 MW. Assets have been operating since 2007 and 2008, and the project earns revenue under the Spanish regulated renumeration regime for renewable projects. | Power – solar | Spain |
| Tenaska Georgia Partners L.P.(BBB+/Stable) | ||
| Tenaska Georgia Partners L.P. is a 945-MW gas-fired, simple-cycle peaking facility located 40 miles southwest of Atlanta. The project commenced full commercial operation in August 2001, and the three units of the second phase came on line in June 2002. The project generates capacity and energy revenue under the terms of a 29‐year tolling agreement with Exelon Generation Co. LLC. GE International provides maintenance services under a long‐term service agreement. It is owned by Tenaska, an experienced project developer that has constructed over 10,000 MW of generation capacity at 17 domestic and international projects. | Power – natural gas | U.S. |
| Topaz Solar Farms LLC(BB+/Stable) | ||
| Topaz Solar Farms LLC is a 550-MW cadmium telluride, thin-film photovoltaic solar power plant project in San Luis Obispo County, Calif. The project achieved commercial operation in October 2014 and final completion in February 2015. Topaz repays debt with cash flow from a 25-year, fixed-price power purchase agreement with Pacific Gas & Electric Co. , which needs the solar electricity to comply with renewable energy regulations in California. Topaz is 100% owned by Berkshire Hathaway Energy Renewables LLC, a subsidiary of Berkshire Hathaway Energy Co. | Power – solar | U.S. |
| UEP Penonome II S.A.(BB/Stable) | ||
| UEP Penonome owns two wind farms and four solar parks in Panama, with an installed capacity of 255 MW. | Power – renewable | Panama |
| UMH Energy Partnership(BBB+/Stable) | ||
| UMH Energy Partnership is a general partnership between Ontario Power Generation Inc. (OPG) and UMH Energy Inc., a wholly owned subsidiary of OPG. Through its direct and indirect interests, OPG owns 100% of the partnership. The project consists of UMH’s four small Ontario-based hydroelectric facilities (44 MW). The 50-year hydroelectric energy supply agreement between the issuer and the Independent Electricity System Operator (an Ontario government agency) is not like a typical power purchase agreement in that payments ensure that revenue requirements are achieved rather than being made consideration for units of energy generated. This removes price and volume risk. | Power – hydro | Canada |
| Usina Termeletrica Pampa Sul S.A.(brAAA/Stable) | ||
| UTE Pampa Sul owns a coal-fired thermoelectric power plant in the Rio Grande do Sul state, with an installed capacity of 345 MW and a 30-year concession. | Power – thermal | Brazil |
| UTE GNA I Geracao de Energia S.A.(brA/Stable) | ||
| UTE GNA owns a gas-fired combined-cycle generation facility in the Rio de Janeiro state, with an installed capacity of 1,338 MW and 21 million cubic meters per day capacity at its liquid natural gas import terminal. | Power – thermal | Brazil |
| West Deptford Energy Holdings LLC(CCC/Watch neg) | ||
| West Deptford Energy Holdings LLC owns a 744-MW natural gas fired, 2×1 combined cycle power generating facility located in Gloucester County, New Jersey, about 20 miles south of Philadelphia. It operates as a 684-MW base load facility with an average heat rate of 6991 BTU/kWh (60 MW duct with a total heat rate of about 7187 BTU/kWh). It began commercial operations on Nov. 20, 2014. The asset uses 2 Siemens combustion turbines and an Alstom STF30C steam turbine with two duct fired Heat Recovery Steam Generators, a wet mechanical draft cooling tower and balance of plant equipment. The plant obtains natural gas through its dedicated lateral from its two gas interconnects with Columbia Gas Transmission LLC and Transcontinental Gas Pipe Line Co. LLC, respectively. The project earns revenue on a merchant basis and is in the PJM region. | Power – natural gas | U.S. |
| WindMW GmbH(BBB-/Negative) | ||
| WindMW GmbH is a special-purpose, bankruptcy-remote company, owned by China Three Gorges Corp. WindMW owns and operates a 288-MW wind farm located in the North Sea off the German coast, which began commercial operations in 2015. The project’s sole source of revenue through 2027 is a guaranteed feed-in-tariff under German law of €154 per MW-hour. Thereafter, the project is exposed to market risk between 2028 and 2040, the assumed end of the asset life. | Power – wind | Germany |
| Yellowstone Energy L.P.(BBB/Stable) | ||
| Yellowstone Energy L.P. project is a pet coke-fueled circulating fluidized bed power plant adjacent to an ExxonMobil refinery in Billings, Mont. The project began operations in 1995 and burns pet coke sourced from three local refineries. Crushed limestone is added to the pet coke to capture sulfur emissions. The plant produces electricity, steam, and ash and sells all generated electricity under a 35-year take-and-pay power purchase agreement that extends two years beyond the debt maturity with Northwestern Energy, the utility subsidiary of Northwestern Corp. | Power – petroleum coke | U.S. |
| Social | ||
| ABC Schools Partnership(A/Stable) | ||
| This partnership has a concession with the Province of Alberta, Canada, to design, build, finance, and maintain 12 new schools. The project is 100% owned by Concert Infrastructure Fund. Construction was completed in June 2014, with availability-based revenues during its subsequent 30-year operations period. The project has outsourced O&M to Ainsworth, which is owned by GDI Integrated Facility Services. | Schools | Canada |
| Alpha Schools (Highland) Project PLC(A/Stable) | ||
| Alpha Schools (Highland) Project PLC is a U.K.-based special-purpose vehicle, owned by InfraRed Capital Partners, used to finance the design and construction of 10 new facilities for 11 schools on 10 sites for the Highland Council (the Council) in Scotland. After construction was completed in September 2009, the project has been responsible for the provision of maintenance and certain noneducational support services to the 11 schools involved in the project under a 31–year project agreement that ends in 2037. | Schools | U.K. |
| Abilene Convention Center Hotel Development Corp.(BB-/Negative) | ||
| The project is a 200-key, upscale DoubleTree hotel in downtown Abilene, Texas, which commenced operations in June 2023. Abilene Convention Center Hotel Development Corp. (ACCHDC), a nonprofit local government corporation created by the City of Abilene, issued $19.435 million first-lien senior (rated) and $23.61 million second-lien subordinate (not rated) hotel revenue bonds to fund the construction and development costs of the hotel. | Hotel | U.S. |
| Ancora (OAHS) Pty Ltd.(AA/BBB/Stable*) | ||
| Ancora (OAHS) Pty Ltd. is the financing vehicle for the Orange and Associated Health Services PPP between the Australian State of New South Wales and Pinnacle Healthcare (OAHS) Pty Ltd., and the trustee of the PPP, which is Pinnacle Healthcare (OAHS) Trust (Pinnacle). The availability-based concession runs for 28 years and expires in 2035. Pinnacle was responsible for financing, planning, design, and construction of new facilities across Bathurst and Bloomfield site in Orange, including 173 acute overnight hospital beds and 156 mental health beds, together with a range of ambulatory, outpatients, and administration facilities. Pinnacle is also responsible for the provision of services to the nearby Bathurst hospital and other smaller sites in the Orange region. | Hospital | Australia |
| Ancora (RCH) Pty Ltd. / Ancora (RCH2) Pty Ltd.(BBB/Stable) | ||
| Ancora (RCH) Pty Ltd. and Ancora (RCH2) Pty Ltd. are the finance arms of Children’s Health Partnership Pty Ltd. (ProjectCo), which is the trustee of the CHP Unit Trust, the concession holder for the Melbourne Royal Children Hospital project granted by the State of Victoria in 2007. ProjectCo was responsible for the design and construction (now complete) of a new 357-bed facility adjacent to the former original hospital site, as well as refurbishment of certain existing buildings and construction of a hotel with up to 100 rooms. ProjectCo is also responsible for the provision of certain facilities management (FM) services relating primarily to the maintenance of the facilities. The revenue stream from the State of Victoria is availability-based, subject to deductions for performance below specified levels. | Hospital | Australia |
| Aspire Defence Finance PLC(AA/A-/Stable*) | ||
| Aspire Defence Finance PLC lent the proceeds of £1.463 billion senior secured bonds due 2040 to Aspire Defence Ltd. (ProjectCo). ProjectCo used the funds to design, build, finance, and operate new living and working accommodations at four army bases in Southern England. The project is backed by an availability-based project agreement signed with the U.K. defense secretary that runs until March 2041. ProjectCo is responsible for providing facilities management to the garrisons, a role that it subcontracted to Aspire Defence Services, which is fully owned by Kellogg Brown & Root Ltd. ProjectCo remains responsible for the cost of most major maintenance (life cycle). | Military barracks | U.K. |
| Austin Convention Enterprises Inc.(BB+/Stable) | ||
| Austin Convention Enterprises Inc. is an 801-room full-service hotel in downtown Austin across the street from the convention center. The hotel opened in December 2003, and has 26 stories, with about 70,000 square feet of meeting space (including two ballrooms). Below the hotel is a 750-space parking garage with 600 spaces operated by the hotel. The hotel’s operational performance has historically been stronger to that of other rated hotels, supported by improving local economic conditions and positive pricing power in its market. | Hotel | U.S. |
| Baglan Moor Healthcare PLC(AA/Stable) | ||
| Baglan Moor Healthcare, a Welsh bankruptcy-remote, special-purpose company, entered into a 30-year project agreement in 2000 with Bro Morgannwg National Health Service Trust (the Trust) to design and build a hospital in 2.5 years, and then supply certain nonclinical services for 27.5 years. The Trust compensates Baglan Moor for providing services through a retail price-indexed monthly unitary payment. The revenue stream is based on the facilities being available, rather than linked to patient volumes. | Hospital | U.K. |
| Baltimore Hotel Corp.(B+/Positive) | ||
| The project is a 757-room Hilton convention center hotel located in downtown Baltimore’s Inner Harbor area, overlooking the Camden Yards baseball park and connected to the Baltimore Convention Center by a pedestrian bridge. It has been operating since August 2008. The hotel has meeting rooms, a 37,000-square-foot ballroom, and a 567-space, four-story parking garage with two subterranean levels. The hotel’s net revenues and city revenues secure the bonds. The city revenues include a $7 million annual guarantee funded through a second lien on the citywide hotel occupancy tax revenue. City revenues also include a pledge of site-specific hotel occupancy tax revenue, which will vary based on the project’s occupancy levels, and the tax increment payment, which is equal to the hotel’s property tax payment. | Hotel | U.S. |
| Baytown Convention Center Hotel(B-/Negative) | ||
| The project operates a 208-room Hyatt Regency hotel in Baytown, Texas. The city constructed an adjacent convention center, including 33,600 square feet of meeting space, surface parking, and supporting infrastructure. The city owns the land under the hotel and has leased the land to the project for 40 years or repayment of bonds. Project debt was issued in 2021, construction was complete in early 2023, and debt matures in 2050. | Hotel | U.S. |
| Brooklyn Events Center LLC / Brooklyn Arena Local Development Corp(AA/Stable) | ||
| The project, known as Barclays Center, is an enclosed multipurpose arena that is the home of the Brooklyn Nets of the NBA. Brooklyn Events Center, the arena operator, makes PILOT payments assigned to the trustee as security for the bonds. Arena revenues from luxury suite premiums, signage and advertising, naming rights, concessions, a share of club and regular seat ticket sales, and merchandise support the PILOT obligations. | Stadium | U.S. |
| Burrell College of Osteopathic Medicine LLC(BBB-/Stable) | ||
| Burrell College of Osteopathic Medicine LLC (BCOM) is a private for-profit graduate school of osteopathic medicine located in Las Cruces, New Mexico. BCOM was founded in 2013, classes commenced in August 2016, and the inaugural class graduated in the spring of 2020. As a result, BCOM received full accreditation effective in May of 2020. BCOM’s facilities include four buildings with an area of approximately 80,000 square feet in New Mexico and newly established second teaching location in Melbourne, Florida which commenced instruction in September 2024. | Schools | U.S. |
| BWP Issuer PLC(AA/BBB-/Stable*) | ||
| The project was established to finance, design, build, and operate Her Majesty’s Prison Thameside in Southeast London, approximately 10 km east of Canary Wharf. The project is backed by an agreement with the Ministry of Justice, first signed in 2010, which runs to Dec. 31, 2036. The project is one of the most modern prisons in the U.K., having been constructed more recently than any of the other 14 privately operated prisons in England and Wales. Construction was completed in two phases in 2012 and 2015 by Skanska, and the project receives inflation-linked availability-based revenues during operations. O&M have been subcontracted to Serco Ltd. for the term of the project. | Prison | U.K. |
| BY Chelmer PLC(BBB-/Stable) | ||
| BY Chelmer PLC issued debt to finance the design, construction, and maintenance of new facilities for Broomfield Hospital, in Chelmsford, Essex, for the Mid and South Essex Hospital Services NHS Trust. The 35-year project agreement was signed on Dec. 6, 2007. The facilities comprise a five-story, new-build, 600-bed hospital connected to the existing hospital, and a new multi-story car park. Post construction completion in 2010, the project is now responsible for hard FM and lifecycle services during the operating period. | Hospital | U.K. |
| Capital Hospitals (Issuer) PLC(AA/BB+/Stable*) | ||
| Capital Hospitals Ltd. raised funds to design, build, finance, and operate the construction and refurbishment of two inner-London hospital sites, the 956-bed Royal London Hospital (RLH) and the 372-bed St. Bartholomew’s Hospital (Barts) for Barts Health NHS Trust under a U.K. government private finance initiative program. The project agreement, signed in April 2006, has a 42-year term, including a construction period of nine years and nine months. The project modernized the facilities of the Barts and RLH sites, and enable the trust to integrate services that are scattered on and around three sites. With a construction capital expenditure of £1.1 billion, this is the biggest health care PFI project in the U.K. | Hospital | U.K. |
| Catalyst Healthcare (Manchester) Financing PLC(BB+/Stable) | ||
| Catalyst Healthcare (Manchester) Financing PLC is a U.K.-based special-purpose vehicle. It issued debt and on-lent the proceeds to the project company, Catalyst Healthcare (Manchester) Ltd. (ProjectCo). ProjectCo used the debt proceeds to finance the design, construction, and refurbishment of facilities for U.K.-based Central Manchester University Hospitals NHS Foundation Trust (the Trust), under a 38-year PFI project agreement signed in 2004. Construction was completed in April 2011, and the project has since been fully operational, with ProjectCo providing FM and certain nonclinical services. | Hospital | U.K. |
| Catalyst Healthcare (Romford) Financing PLC(AA/BBB-/Stable*) | ||
| In 2004, U.K.-based special purpose entity Catalyst Healthcare (Romford) Financing PLC issued £128.4 million of senior bonds due in 2038. Additionally, it received £13.9 million of subordinated debt (a mezzanine loan) due 2031 and a £100 million senior loan due 2034 from the European Investment Bank. All proceeds were lent to the project to finance the design and construction of the 939-bed Queen’s Hospital, in Romford near London. Construction was completed on Oct. 16, 2006. The project operates the hospital under a 36-year availability-based private finance initiative agreement with the Trust, which expires in January 2040. The Trust pays the project an availability-based inflation-indexed unitary charge (UC), provided that the hospital is available and fit for use at all times. The UC is subject to deductions if hospital facilities are unavailable or performance falls short of contractual targets. The project subcontracts hard and soft nonmedical facilities management services to Sodexo Healthcare Services Ltd. (Sodexo), a subsidiary of Sodexo Holdings Ltd. It subcontracted its life cycle obligations to Equans and Sodexo and transferred the associated risks. Sodexo is responsible for the hospital’s internal living zones, while Equans is responsible for life cycle works on the rest of the building. Queen’s Hospital is a large acute hospital that operates a full accident and emergency service center and a hyperacute stroke unit. Its facilities include one of the largest maternity units in the country, a renal dialysis unit, and a special neurosciences center. | Hospital | U.K. |
| Catalyst Higher Education (Sheffield) PLC(AA/BB+/Stable*) | ||
| U.K.-based limited-purpose entity Catalyst Higher Education (Sheffield) PLC designed and built student accommodation for the University of Sheffield (UoS), consisting of 4,190 beds. UoS markets and allocates the project’s rooms without bias, as part of its student accommodation portfolio. The project is backed by a 40-year agreement with the UoS terminating in June 2046, 11 months after the debt maturity. The agreement outlines the mechanism of payments from the UoS to ProjectCo, part of which are availability-based and index-linked, while the remaining revenues portion retains market risk. The debt is fully index-linked. Under the agreement, the project provides hard FM and life cycle services to the accommodation, with both tasks subcontracted to a third party (Equans) in exchange for regular payments under a fixed schedule. The UoS is responsible for soft FM services and administration of student rent agreements, including collection of a university accommodation charge comprising the project’s rent, utilities, and some other charges. The project benefits from the unconditional and irrevocable payment guarantee of scheduled interest and principal provided by Assured Guaranty UK Ltd. | Schools | U.K. |
| Central Nottinghamshire Hospitals PLC(AA/BB-/Stable*) | ||
| Central Nottinghamshire Hospitals PLC issued a £351.9 million index-linked senior secured bond (including a £32.0 million variation bond) due 2042 to finance the design, construction, and maintenance of hospital facilities at three sites–King’s Mill Hospital, Mansfield Community Hospital, and Newark General Hospital–for the Sherwood Forest Hospitals National Health Service Foundation Trust and NHS Property Services Ltd., under a 37-year private finance initiative concession agreement. Construction was completed in 2011. Hard FM services are provided by Skanska Facilities Services, and soft FM services by Compass Contract Services (UK) Ltd. | Hospital | U.K. |
| CFC–S.A. LLC(BBB-/Positive) | ||
| San Antonio Grand Hyatt is a 24-story hotel project with 1,003 rooms and additional facilities, including 115,000 square feet of meeting space, restaurants, a pool, multiple outdoor patios, a fitness center, and underground parking located in San Antonio, Texas. The City of San Antonio owns both the convention center adjacent to the hotel and the land underneath the hotel and will gain ownership of the hotel once the bonds are repaid in full. The obligor, CFC-SA LLC (CFC), owns the hotel during the term of the debt and entered into a ground lease with the City. Public Finance Authority, a joint powers commission organized under the laws of the State of Wisconsin, is the conduit issuer of the bonds, which loaned the proceeds to CFC. The hotel is the only hotel in the city with a room-block agreement for the adjacent convention center and is managed by Hyatt under the “Grand Hyatt” flag. The hotel opened in 2008. | Hotel | U.S. |
| CHS (CAMH) Partnership(A-/Stable) | ||
| CHS (CAMH) Partnership is an addiction and mental health facility in Toronto, Ontario, structured as an availability-based PPP. The project, which has operated since May 2012, consists of three buildings totaling 540,000 square feet. The project has contracted with AtkinsRealis Group Inc. (guarantor for service entity CAMH Facility O&M Inc.) to provide the FM and lifecycle responsibilities, along with assuming associated risks. | Hospital | Canada |
| Conroe Local Government Corp.(B/Negative) | ||
| Conroe Local Government Corp., a political subdivision of the State of Texas and City of Conroe, Texas, issued $28.715 million first-lien hotel revenue bonds series 2021A, $27.16 million second-lien hotel revenue bonds series 2021B, and $21.215 million third-lien hotel revenue and subordinated contract revenue bonds series 2021C (not rated). The proceeds of series 2021A, 2021B, and 2021C bonds were used to 1) finance the costs to design, acquire, construct, equip, furnish, and open the hotel facilities in the full-service, upper-upscale 250-room Hyatt Regency hotel located south of Downtown Conroe, 2) fund capitalized interest accounts and debt service reserves, and 3) pay certain issuing costs. Hotel facilities include 250 guestrooms, food and beverage facilities (restaurants and lounges), back-of-the-house areas and food preparation facilities, and other amenities (pool, fitness center, and business center). The hotel has been open to the public since May 2023. | Hotel | U.S. |
| Consort Healthcare (Birmingham) Funding PLC(BB-/Stable) | ||
| In 2006, U.K.-based special-purpose vehicle Consort Healthcare (Birmingham) Funding PLC issued senior secured debt and on-lent the proceeds to Consort Healthcare (Birmingham) Ltd. (ProjectCo) to finance the construction and refurbishment of a 1,123-bed acute inpatient facility and a mental health facility at the existing Queen Elizabeth Hospital in Birmingham. ProjectCo operates under a 40-year project agreement expiring in 2046 with the University Hospitals Birmingham NHS Foundation Trust and the Birmingham and Solihull Mental Health NHS Foundation Trust. | Hospital | U.K. |
| Consort Healthcare (Mid Yorkshire) Funding PLC(BBB-/Negative) | ||
| In January 2008, Consort Healthcare (Mid Yorkshire) Funding PLC issued £214.53 million in index-linked bonds–including £43 million in variation bonds–due in June 2041 and took out a £150 million index-linked bank loan from the European Investment Bank (EIB) due in June 2040. The issuer on-lent the senior secured debt proceeds to ProjectCo to finance the construction of two U.K. NHS health care facilities, Pinderfields General Hospital and Pontefract General Infirmary. ProjectCo operates the facilities under a 35-year private finance initiative concession agreement with the Trust that expires in 2042. ProjectCo provides maintenance and lifecycle for the term of the concession, which it subcontracts to Equans under a back-to-back FM contract. The Trust manages soft FM services. The construction was completed on schedule in October 2011 by a joint venture between Balfour Beatty Construction Northern Ltd. and Balfour Beatty Engineering Services (HY) Ltd. (known as BB). | Hospital | U.K. |
| Consort Healthcare (Salford) PLC(BBB-/Stable) | ||
| Consort Healthcare (Salford) PLC (ProjectCo) is a special-purpose vehicle that is using the proceeds of the bonds issued to finance the design, construction, and operation of health care facilities for the Salford Royal National Health Service Foundation Trust (the Trust) under a 35-year project agreement, using the U.K. government’s PFI program. | Hospital | U.K. |
| Consort Healthcare (Tameside) PLC(CC/Watch neg) | ||
| U.K.-based special-purpose vehicle Consort Healthcare (Tameside) PLC is using the proceeds of the bonds to finance the design, construction, and operation of health care facilities for the Tameside Hospital National Health Service Foundation Trust under a 34-year project agreement, as part of the U.K. government’s PFI. | Hospital | U.K. |
| Coventry & Rugby Hospital Co. PLC (The)(CCC+/AA/Stable*) | ||
| The Coventry & Rugby Hospital Co. PLC issued bonds to design, build, equip, and maintain hospital facilities at Walsgrave, near Coventry in central England. This is carried out under a 40.2-year PFI agreement with University Hospitals Coventry and Warwickshire National Health Service Trust and Coventry Teaching Primary Care Trust. | Hospital | U.K. |
| Criterion Healthcare PLC(AA/Stable) | ||
| Criterion was awarded a concession with South Durham Health Care NHS Trust in 1999 under the U.K. PFI initiative to design, construct, and provide support services for a new 321-bed hospital in Bishop Auckland, Northeast England. The project receives availability payments from the Trust, and has a 60-year concession with a termination option by the Trust after 30 years. | Hospital | U.K. |
| CSS (FSCC) Partnership(A/Stable) | ||
| CSS (FSCC) Partnership maintains the Forensic Services and Coroner’s Complex (FSCC) project in Toronto under a 30-year concession agreement with Infrastructure Ontario. It is a five-story three hundred thousand square foot building with LEED Gold standard certification. There is underground parking for 247 vehicles and 53 spaces at ground level. The project achieved substantial completion on Jan. 31, 2013, and subsequently began its 30-year concession period. The project achieved substantial completion for renovation work on the second and fifth floors (to accommodate two other government departments) in January 2015. Facilities management and lifecycle services are provided by Dexterra, a subsidiary of Fairfax Financial Holdings Ltd. | Government building | Canada |
| Denver Convention Center Hotel Authority(BBB-/Stable) | ||
| Denver Convention Center Hotel Authority (DCCHA) owns the 1,100-room, full-service hotel with approximately 60,000 square feet of meeting space adjacent to the Colorado Convention Center in downtown Denver. Hyatt Hotels Corp. manages the hotel, which opened in December 2005. The $271.8 million senior revenue refunding bonds series 2016, issued by DCCHA, due in December 2040 is secured by the hotel’s net revenue and fixed contributions from the City and County of Denver, funded through an annually appropriated economic development payment. As additional security for payment of the series 2016 bonds, DCCHA granted a lien and security interest on the site, the hotel, and the garage. | Hotel | U.S. |
| Discovery Education PLC(BBB/Stable) | ||
| U.K.-based limited-purpose vehicle Discovery Education PLC (ProjectCo) issued bonds to fund the construction of six primary schools and two secondary schools on eight sites in Dundee, Scotland, under a 30-year private finance initiative project. The works were completed in three phases during 2008 and 2009. ProjectCo provides hard and soft facilities management services at each school via subcontractors. | Schools | U.K. |
| East Slope Residencies PLC(AA/BBB/Stable*) | ||
| East Slope Residencies Student Accommodation LLP (ProjectCo) was created to design, build, and operate 2,117 new student bed spaces in a combination of cluster flats and town houses located within the University of Sussex campus near Brighton. Construction commenced in 2017 and was completed in December 2020 by Balfour Beatty Regional Construction Ltd., a subsidiary of Balfour Beatty PLC. The soft FM services are carried out by UoS, while the hard FM services are delivered by East Slope Residencies Facilities Management Ltd., a subsidiary of Balfour Beatty. ProjectCo retains major maintenance (lifecycle) risk. The senior secured debt benefits from an unconditional and irrevocable guarantee provided by AG, the controlling creditor under the financing agreement for the bonds. | Student housing | U.K. |
| Endeavour SCH PLC(AA/Stable) | ||
| Endeavour is a limited-recourse, special-purpose project company. It entered a concession agreement with South Tees Acute Hospitals NHS Trust under which it designed, built, and financed major additions to the South Cleveland Hospital, Middlesbrough, as well as refurbished some existing facilities. Endeavour provides maintenance and certain property and management services to the hospital for the 30 years following construction completion in 2002. The provision of medical and clinical services at the Hospital remain the responsibility of the Trust. The project is part of the U.K. Government’s NHS PFI program. | Hospital | U.K. |
| Exchequer Partnership (No. 2) PLC(AA/A+/Stable*) | ||
| Exchequer Partnership (No. 2) PLC (EP2) operates under a 35-year availability-based concession with the U.K. government that expires in August 2037. EP2 raised debt in 2003 to finance the refurbishment of the east wing of the Grade II-listed U.K. government office building on Great George Street in the Whitehall area of London, primarily occupied by employees of HM Revenue & Customs (HMRC). The four-story building currently houses approximately 2,100 workstations for HMRC and other government departments. Lendlease (formerly Bovis Lend Lease) carried out the refurbishment between 2002 and November 2004. Since then, EP2 has provided a full suite of soft and hard FM services, which it subcontracts to Bellrock Property & Facilities Management and to Engie, respectively. | Office space | U.K. |
| Freemens Common Village LLP(AA/BBB-/Stable*) | ||
| In July 2019, U.K.-based limited-purpose entity Freemens Common Village LLP (ProjectCo) issued £124 million of senior secured fully amortizing index-linked bonds, due July 31, 2064. ProjectCo used the issuance’s proceeds to finance the construction of a 1,164-room student accommodation complex and adjacent facilities next to the UoL’s main campus (Freemens; the project). Under agreements with UoL, ProjectCo will operate the student accommodation for 50 years from practical completion. The project is located one mile south of Leicester city center–a five-minute walk from UoL’s main campus. ProjectCo subcontracts hard FM services to Equans Services Ltd. under a fixed-price (index-linked) contract, with an annual cap set at the lower of 5% or the RPI. UoL is responsible for soft FM services, while ProjectCo retains major maintenance (lifecycle) risk. UoL markets and allocates the rooms on behalf of the project on an equal basis with its own rooms and other properties with which the university has a nomination agreement. UoL also takes credit and void risk and retains 4% of the rental income. | Student housing | U.K. |
| George L. Smith II Georgia World Congress Center Authority(BBB-/Stable) | ||
| The project operates a 975-room hotel in downtown Atlanta adjacent to the Georgia World Congress Convention Center and Mercedes-Benz Stadium. The convention center opened in 1976 was expanded in 2020 to be the fourth largest in the U.S. The hotel opened at the start of 2024, and project debt matures in 2054. | Hotel | U.S. |
| Greater Columbus Convention Center Hotel Expansion Project(BBB-/Stable) | ||
| Franklin County Convention Facilities Authority (FCCFA) owns the 1,000-room Hilton hotel in downtown Columbus. The project includes two distinct towers operated as a single hotel–the existing tower with 532 rooms (Hilton 1.0) and the recently completed 28-story, 463-room tower that was constructed as part of this project (Hilton 2.0). The Hilton 2.0 was opened in September 2022. The two towers are connected through an enclosed pedestrian bridge and have direct access to the Greater Columbus Convention Center in the Arena District of downtown Columbus, Ohio. Holders of the series 2019 hotel project revenue bonds (rated project debt; issued for construction of Hilton 2.0) are entitled to 59% of combined hotel net cash flow and occupancy tax revenues (from Hilton 1.0 and 2.0) to service debt. | Hotel | U.S. |
| Green Timbers L.P.(A-/Stable) | ||
| Green Timbers L.P. undertook construction of the new Royal Canadian Mounted Police E divisional headquarters in Surrey, British Columbia, under a design, build, finance, operate, and maintain agreement with Public Works and Government Services Canada. Construction was completed in December 2012 by a joint venture between Bouygues Building Canada Inc. and Bird Design-Build Construction Inc., and the project is now in a 25-year operating period. The project receives availability-based revenues from the government of Canada. Operational responsibilities include hard facilities management, life-cycle requirements, cleaning and waste management, grounds keeping, help-desk and information management, and food services. Bouygues Energies & Services Canada Ltd. has undertaken these obligations under a fixed-price contract. | Government building | Canada |
| Healthcare Support (Newcastle) Finance PLC(BB/Negative) | ||
| U.K.-based limited-purpose vehicle Healthcare Support (Newcastle) Finance PLC financed the design and construction of two new facilities, Freeman Hospital and Royal Victoria Infirmary, for the Newcastle-Upon-Tyne Hospitals National Health Service Foundation Trust (the Trust) under a 38-year availability-based PFI contract. The project rationalizes the Trust’s sites in Newcastle and provides better facilities for patients in its catchment area. | Hospital | U.K. |
| Healthcare Support (North Staffs) Finance PLC(AA/BBB-/Stable*) | ||
| In 2007, Healthcare Support (North Staffs) Finance PLC lent the proceeds of its senior debt issuance to Healthcare Support (North Staffs) Ltd. (ProjectCo). ProjectCo used the proceeds to finance the construction of a new 540-bed health care facility at the Royal Stoke University Hospital for the University Hospital North Midlands NHS Trust and the 130-bed Haywood Community Hospital for the Midlands Partnership NHS Foundation Trust (the Trusts). Laing O’Rourke completed the construction in 2012. ProjectCo operates under a project agreement expiring in September 2044. It subcontracts hard and soft FM services to Sodexo Ltd. | Hospital | U.K. |
| Holyrood Student Accommodation PLC(AA/BBB-/Stable*) | ||
| Holyrood Student Accommodation PLC is a U.K.-based student accommodation project that issued bonds to finance the development, maintenance, and operation of a 1,180 bed accommodation for postgraduate students in partnership with the University of Edinburgh. Construction was completed in 2016 by Balfour Beatty Construction Scottish and Southern Ltd and assets are centrally located in the city of Edinburgh. | Student housing | U.K. |
| Hospital Co. (QAH Portsmouth) Ltd. (The)(AA/BBB/Stable*) | ||
| The project issued debt in 2007 to finance the design and construction of new and refurbished facilities for Portsmouth Hospitals NHS Trust (the Trust) to provide an advanced hospital serving the City of Portsmouth, the towns of Fareham and Gosport, and the east of the County of Hampshire, in south England. Construction latent defects are borne by ProjectCo after CarillionPLC’s mandatory liquidation in January 2018. Operations have continued to run without major disruptions at the hospital after Carillion’s liquidation and the relationship between the Trust and ProjectCo continues to be collaborative. | Hospital | U.K. |
| Hospital Co. (Swindon & Marlborough) Ltd. (The)(AA/A-/Stable*) | ||
| U.K.-based special-purpose vehicle The Hospital Co. (Swindon & Marlborough) Ltd. (ProjectCo) operates under a 30-year U.K. government private-finance initiative agreement with the Great Western Hospitals NHS Foundation Trust. Under the concession, ProjectCo is responsible through 2029 for the provision of various hard and soft FM and nonclinical services at the Great Western Hospital, an acute general hospital in Swindon, South West England. Since June 2018, ProjectCo has subcontracted all such services to Serco Ltd., which replaced Carillion Services Ltd. following the latter’s liquidation in January 2018. | Hospital | U.K. |
| Hospital Infrastructure Partners (NOH) Partnership(A-/Stable) | ||
| Hospital Infrastructure Partners (NOH) has a concession to design, build, finance and maintain the new Oakville Hospital in Oakville, Ontario. The project achieved substantial completion in July 2015. The hospital accommodates 457 beds and it consists of a 10-story tower flanked by two five-story wings and a six-story parking garage. It includes ambulatory care services, inpatient units, and clinical, diagnostic, and therapeutic services. The entire facility is approximately 1.8 million square feet. The design-build joint venture was EllisDon Corp. 70% and Carillion Construction Inc. 30%. During the 30-year operational period, the project receives availability based revenues from concession provider Halton Healthcare Service Corp, and the project has subcontracted operations and management to Carillion EllisDon Services, 100% owned by EllisDon Corp. | Hospital | Canada |
| Idaho College of Osteopathic Medicine LLC(BBB-/Stable) | ||
| Idaho College of Osteopathic Medicine LLC (ICOM) is a private, for-profit, graduate school of osteopathic medicine located on the Idaho State University campus in Meridian, Idaho. The project includes a 94,000 sq. ft. educational building and operations commenced in August 2018 with first class graduating in 2022. ICOM achieved accreditation for seven years in May 2022. | Schools | U.S. |
| Indiana Convention Center Hotel Project(BBB-/Stable) | ||
| Indiana Convention Center Hotel Project will include the development and construction of 1.2 million gross square feet of improvements in Indianapolis, comprising a more than 300,000 square feet expansion to the Indiana Convention Center (ICC) with a connector to the current ICC and a 40-story, full-service Hilton Signia hotel with approximately 800,000 square feet and approximately 800 guest rooms immediately east of ICC. Once constructed, the hotel is anticipated to feature amenities and facilities that include a rooftop sky lounge, lobby bar, speakeasy cocktail bar, signature restaurant, three-meal restaurant, outdoor pool, business center, fitness center, market, spa, hair salon, and 143,500 square feet of meeting and event space. The parking is expected to include 393 parking spaces in a garage under the hotel, which is to be completed and available for occupancy by Dec. 1, 2026. | Hotel | U.S. |
| InspirED Education (South Lanarkshire) PLC(AA/BBB-/Stable*) | ||
| InspirED Education (South Lanarkshire) PLC issued bonds to design, build, finance, and operate 19 schools to support the South Lanarkshire Secondary Schools project under a U.K. government PFI ending Aug. 31, 2039. Construction was completed in three phases between 2007 and 2009. | Schools | U.K. |
| Integrated Accommodation Services PLC(AA/A+/Stable*) | ||
| Under a 30-year project agreement structured as a U.K. private finance initiative, Integrated Accommodation Services PLC financed the design, construction, and operation of new accommodation facilities for about 4,000 desk spaces at the U.K. Government Communications Headquarters (GCHQ) in Benhall, Cheltenham, on behalf of the Secretary of State for Foreign and Commonwealth Affairs. GCHQ is the U.K. intelligence agency that has a statutory responsibility to provide intelligence to U.K. government departments and military commands, and plays an essential role in supporting the U.K. government’s security, defense, foreign, and economic policies. | Office space | U.K. |
| Integrated Team Solutions PCH Partnership(A-/Stable) | ||
| Integrated Team Solutions PCH Partnership (ITS PCH) entered into a project agreement (PA) with Providence Care Hospital (PCH) to design, build, finance, and maintain a new 270-bed, 619,110-square-foot mental health hospital in Kingston, Ont. The hospital, constructed by EllisDon Design Build Inc. (EllisDon), is located on a 30-acre greenfield site adjacent to one of PCH’s facilities. The project achieved substantial completion on Nov. 30, 2016, and subsequently began its 30-year operating period. ITS PCH has fully passed down its FM and life-cycle obligations to Johnson Controls Canada L.P. (JCLP) under a fixed-price service agreement. ITS PCH is owned by Fengate Capital Management (75%) and EllisDon Capital (25%). | Hospital | Canada |
| Integrated Team Solutions SJHC Partnership(A/Stable) | ||
| Integrated Team Solutions SJHC Partnership (ProjectCo or ITS SJHC) entered into an availability-based project agreement with St. Joseph’s Health Care London (SJHC) to design, build, finance, and maintain two hospitals in Ontario to serve patients with severe and persistent mental illness. Parkwood Institute is a four-story, 454,025-square-foot mental health facility with 168 beds in London, Ontario. The three-story, 234,430-square-foot Southwest Centre for Forensic Mental Health Care is a forensics mental health facility with 89 beds in St. Thomas, Ont. The project’s operating period will last for 30 years until April 2043. ITS SJHC has fully passed down its hard FM and lifecycle responsibilities to Honeywell Ltd. for its entire operating period under a fixed-price FM service agreement. ProjectCo is ultimately owned by Fengate’s institutional investors, including pension and other funds, through investment funds managed by Fengate. | Hospital | Canada |
| Jets Stadium Development LLC(AA/BBB/Stable*) | ||
| The project is an 82,500-seat, open-air stadium located in East Rutherford, N.J., that is home to the NFL’s New York Jets and New York Giants. Jets Stadium Development LLC used the proceeds from the rated bonds to fund its portion of the construction costs for New Meadowlands Stadium Co. LLC (NMSCO), which is now known as MetLife Stadium. NMSCO, a 50/50 joint venture between Giants StadCo and Jets StadCo, operates the stadium. Jets Stadium Development LLC repays the debt it issued with Jets StadCo’s share of the stadium’s revenue, including 50% of the naming rights, advertising, cornerstone contracts, and other events, as well as 100% of its other revenue, including from suites, club seat premiums, parking, and game-day revenues such as concessions. Under the 2014 reimbursement agreement, all supplemental stadium revenue is pledged to the bondholders. | Stadium | U.S. |
| Keele Residential Funding PLC(AA/A/Stable*) | ||
| On July 13, 2007, U.K.-based special-purpose vehicle Keele Residential Funding PLC (KRF) issued £137.5 million of 2.108% guaranteed index-linked secured bonds. Upon issuance, KRF redeemed its existing debt, leased all of the student accommodation located on the grounds of the University of Keele (the university) until 2029, and entered into an agreement with the university to extend the lease from its expiry date to July 31, 2047 (the reversionary lease). Under the lease, the university is responsible for performing refurbishment, repairs, renewals, and ongoing maintenance of the student accommodation. The university funds these obligations via payments received from KRF, the maintenance reserves it set aside upon the financial close, and its own resources. The project has appointed the university to rent out its student accommodation to generate a contractually defined rental income (base-case rental) and to collect the corresponding payments on its behalf. The university is also entitled, in consideration for the payment of the license fees, to use the student accommodation in excess of that generating the base-case rental and to use the car parking facilities. KRF services its debt with the rent collected from the student accommodation by the university on its behalf and the license fees due from the university. | Student housing | U.K. |
| Kingston Student Living LLP(AA/BBB-/Stable*) | ||
| In 2020, Kingston Student Living LLP (ProjectCo) issued £44.863 million of senior secured 3.06% fixed-rate bonds and £44.863 million of senior secured 0.10% bonds due Feb. 28, 2055, both linked to the retail price index (RPI). The proceeds were used to redevelop student accommodation at two of KU’s sites, totaling 1,333 rooms, and to convert four heritage buildings into office and social spaces. ProjectCo operates the student accommodation at two sites under a 50-year project agreement with Kingston University. | Student housing | U.K. |
| LCOR Alexandria LLC(AA/Stable) | ||
| LCOR Alexandria LLC is responsible for the design, development, and construction of a five-building office complex with two separate structured parking garages and two townhouse style office buildings. | Government building | U.S. |
| Louisville Arena Authority Inc.(AA/BBB+/Stable*) | ||
| Louisville Arena Authority operates a 22,090-seat multi-use facility for basketball games, concerts, and other events that opened in October 2010. The project’s debt is primarily serviced with tax increment financing (TIF) sales and property tax revenue, guarantee payments from the Louisville and Jefferson County Metro Government, and arena revenue. Arena revenue is subject to market risk and comes from sporting games, concerts, and special events. | Stadium | U.S. |
| Mount Oswald Colleges LLP(AA/BBB/Stable*) | ||
| The project is responsible for the design, construct, and operation of two colleges comprising 992 student rooms, plus associated hub buildings, for the University of Durham. The project is backed by a 51-year nominations agreement with the university. The hub and multi-use games area were completed in November 2019, and the construction of the colleges was completed in August 2020. Mount Oswald Colleges LLP is responsible for FM and lifecycle works, both of which it subcontracts to the FM service provider, Campus Living Villages (Durham) UK Ltd., under a back-to-back FM service contract running to the end of the nomination agreement. | Student housing | U.K. |
| MPC Funding Ltd.(AA/A/Stable*) | ||
| MPC Funding Ltd. is the finance arm of Plenary Conventions Pty Ltd. (ProjectCo), the concession holder for the Melbourne Convention Centre project granted by the Australian State of Victoria in 2006. ProjectCo completed the construction and fully commissioned the new facility in early 2009. ProjectCo provides a variety of services to the new convention center, as well as the existing adjacent Melbourne Exhibition Centre, including cleaning, maintenance, security, and car park management. The revenue stream from the State of Victoria is availability-based, subject to deductions for performance below levels specified in the contract. | Convention center | U.K. |
| NewHospitals (St. Helens and Knowsley) Finance PLC(AA/BBB-/Stable*) | ||
| NewHospitals (St. Helens and Knowlsey) Finance PLC is a special-purpose entity that issued debt and on-lent the proceeds to NewHospitals (St. Helens & Knowsley) Ltd. (ProjectCo). ProjectCo entered into a 41.23-year PFI concession agreement with St. Helens and Knowsley Teaching Hospitals NHS Trust to design, build, operate, and maintain two hospital facilities at the St. Helens and Warrington Road, Prescot (Whiston) sites. The construction of the two hospital facilities was completed in June 2012. | Hospital | U.K. |
| Octagon Healthcare Funding PLC(AA/BBB/Stable*) | ||
| Octagon Healthcare Funding PLC is a special-purpose vehicle (SPV) that issued bonds in December 2003 to refinance the bank debt incurred by Octagon Healthcare Limited (ProjectCo) in 1998 to fund the design, construction, operations, and maintenance of Norfolk and Norwich University Hospital, a 1,237-bed single-build hospital in the city of Norwich, England. Octagon Healthcare Ltd. (ProjectCo) entered into a 60-year project agreement, expiring August 2061, with Norfolk and Norwich University Hospitals National Health Service (NHS) Foundation Trust (the Trust). The Trust has the option to terminate the agreement with no compensation to ProjectCo in 2037, 2042, or 2052. Construction was completed in August 2002. | Hospital | U.K. |
| Peterborough (Progress Health) PLC(BB/Stable) | ||
| U.K.-based special-purpose vehicle Peterborough (Progress Health) PLC issued bonds to finance the design, construction, and operation of three new buildings on two sites for three separate National Health Service (NHS) trusts in the City of Peterborough. Located in central England, the project includes: 1) An acute hospital built on the existing Edith Cavell Hospital site for the North West Anglia NHS Foundation Trust; 2) A mental health unit built on the existing Edith Cavell Hospital site for Cambridge and Peterborough NHS Foundation Trust; and 3) A City Care Center built on the existing Peterborough District Hospital site for NHS Property Services Ltd. | Hospital | U.K. |
| Plenary Conventions Pty Ltd.(AA/A/Stable*) | ||
| The project operates the Melbourne Convention Centre in central Melbourne, Australia and is granted by the state of Victoria. The construction was completed in 2009. Revenues are availability based. | Convention center | Australia |
| Plenary Health Bridgepoint L.P.(A/Stable) | ||
| Plenary Health Bridgepoint L.P. (ProjectCo) was selected to design, build, finance, and maintain the 464-bed Bridgepoint Hospital in Toronto. It is also responsible for restoring and integrating the existing Don Jail (the section that closed in 1977) into the new hospital, turning it into an administration building; and decommissioning of the existing hospital (the part of the jail that was still in operations), and the ancillary building. The hospital has been open since March 2013, and demolition and remaining landscaping are complete. Final completion was achieved Oct. 27, 2015. The project receives availability-based revenue during operations, and Johnson Controls L.P. is the operating and maintenance and lifecycle service provider for the project for the entire 30-year operating period. It has subcontracted some of the daily operations to Brookfield Global Integrated Solutions, but Johnson Controls retains responsible for all service provider obligations, including any that have been subcontracted. | Hospital | Canada |
| Plenary Health Care Partnerships Humber L.P.(A-/Negative) | ||
| Humber River Regional Hospital has mandated Plenary Health Care Partnerships Humber L.P. (ProjectCo) to design, build, finance, and maintain a new acute care hospital in Toronto. Construction of the project was performed by PCL Constructors Canada under a fixed-price contract, and ran from September 2011 to substantial completion on May 11, 2015, as planned. The hospital was built on approximately 27 acres in northwestern Toronto and replaced the inpatient and acute care activity of three existing sites. The hospital is 1.7 million square feet and contains 656 beds. It encompasses a 14-story tower, a central utility plant, and two parking structures that house approximately 2,000 spaces. ProjectCo receives availability-based revenues during the 30-year operations period, and has subcontracted operations and management to Johnson Controls. | Hospital | Canada |
| Plenary Health Finance Co. Pty Ltd.(A/Stable) | ||
| Plenary Health Finance Co. Pty. Ltd. is the financing vehicle of Plenary Health (CCC) Pty. Ltd. as trustee of the Plenary Health Unit Trust (PHUT). PHUT is the project company that is responsible for the design, construction, financing, operation, and maintenance of the Victorian Comprehensive Cancer Centre under a PPP with the Australian State of Victoria, expiring in June 2041. The center has started operations following completion of its construction in mid-2016. Under the contract with the state government, PHUT has committed to providing a range of services across the facilities, as well as undertaking ongoing maintenance, and receives payment from the state based on the availability of services. | Hospital | Australia |
| Plenary Health Hamilton L.P.(A/Stable) | ||
| Plenary Health Hamilton L.P. (PHH) entered into an agreement with St. Joseph’s Healthcare Hamilton (SJHH) to design, finance, build, and maintain a new mental health and addiction care hospital in Hamilton, Ontario. The hospital, constructed by PCL Construction Canada Inc. (PCL), has 305 mental health and addiction inpatient beds in addition to mental health and medical outpatient clinics, education and research space, and areas for clinical, administrative, and facility support. The facility has three occupied levels above grade and one below. PHH has passed down all facilities management (FM) and life-cycle responsibilities to Honeywell Ltd. under a 30-year fixed-price FM service agreement. PHH is equally owned by Innisfree PFI Secondary Fund L.P. and Plenary Americas. | Hospital | Canada |
| Plenary Health Niagara L.P.(A+/Stable) | ||
| Plenary Health Niagara L.P. was selected to design, build, finance, and maintain a new health care complex, including the Walker Family Cancer Centre, in St. Catharines, Ontario. The new facility consists of 375 beds in one 990,000 square-foot building, offering acute and clinical inpatient services, and surgical, emergency, and ambulatory services. Regional cancer and cardiac services and a mental health unit are also available. The facility has been operating since Nov. 23, 2012, for 30 years of availability-based operation. | Hospital | Canada |
| Plenary Properties LTAP L.P.(A/Stable) | ||
| Plenary Properties LTAP L.P. is an availability-based social infrastructure project in Ottawa, Ontario. It was formed to design, build, finance, maintain, and provide information technology (IT) infrastructure and services to the Long-Term Accommodation Project (LTAP) for the Communications Security Establishment Canada, the country’s cryptology agency. The project commenced operations in July 2014. It passes down all operations, maintenance, and rehabilitation risks and responsibilities related to its FM to Honeywell Ltd. (parent guarantor Honeywell International Inc., A/Stable/A-1), and those related to its information technology (IT) infrastructure and services to ESIT Canada Enterprises Services Co. (parent guarantor DXC Technology Co., BBB-/Stable/–). Plenary Properties LTAP L.P. is owned by Plenary Properties LTAP GP Inc. | Government building | Canada |
| Plenary Properties NDC G.P.(BBB+/Stable) | ||
| Plenary Properties NDC G.P. (NDC) is a special-purpose vehicle (SPV) that the Ontario government selected in 2008 to design, construct, finance, and operate a data center for the Ministry of Government Services. The project completed construction in 2010 and is now in the operations phase. NDC entered a 30-year, fixed-price contract for FM and life-cycle services with Johnson Controls Canada L.P. (JCLP; not rated). Johnson Controls International PLC (JCI; BBB+/Stable/A-2) is the guarantor for the C$12 million parent guarantee that backstops JCLP’s obligations. NDC is entirely owned by Plenary Americas Holdings Ltd. | Government building | Canada |
| Provident Group Falcon Properties LLC(BB/Stable) | ||
| The U.S. Air Force Academy hotel will be an independently branded 375-key, nine-story conference event center hotel. Under the operating agreement, CoralTree Hospitality will operate the hotel, which is expected to open by the fourth quarter of 2024. The USAFA hotel will be located at the north entrance to the Air Force Academy north of Colorado Springs, Colorado and is owned by Provident Group Falcon Properties LLC. | Hotel | U.S. |
| Queens Ballpark Co. LLC(AA/BBB/Stable*) | ||
| The Queens Ballpark project is a 42,000-seat, open-air baseball stadium named Citi Field. It is home to MLB’s New York Mets. The project used PILOT, installment purchase and lease revenue bond proceeds to fund construction of the new ballpark in Queens, N.Y. The ballpark opened in 2009. The NYC Industrial Development Agency owns the ballpark and leases it under a long-term lease to Queens Ballpark. The initial lease term is equal to the debt maturity. The project is a wholly owned subsidiary of Sterling Mets L.P., which owns the Mets. Queens Ballpark has a sublease with the Mets that requires the Mets to play all home games in the stadium. The project receives revenues from payments in lieu of tax (PILOTs), installment payments for season tickets, as well as revenues from luxury suites, club and box seats, concessions, merchandise, signage and advertising, naming rights, and specific parking revenues. | Stadium | U.S. |
| Ravenhall Finance Co. Pty Ltd.(A-/Stable) | ||
| GEO Ravenhall Pty Ltd. is a PPP under the Victorian government’s Partnership Victoria framework. Ravenhall is an operational, availability-based medium-security men’s prison located at Ravenhall, in Melbourne’s west. The project is responsible for the operations of the prison, which has the capacity to accommodate up to 1,300 prisoners. The operating phase term for the project is 25 years, and runs to 2042. | Prison | Australia |
| RMPA Services PLC(A-/Stable) | ||
| RMPA Services PLC issued £580 million 5.337% bonds due Sept. 30, 2038, to finance the construction and operation of Colchester Garrison in southeast England (about 75 km northeast of London). The project operates under a 35-year PFI agreement with the U.K. Ministry of Defence through 2039. Construction was completed ahead of schedule in 2008, and the garrison has been accommodating approximately 3,500 military personnel since then. The project is responsible for hard and soft FM services, and it has subcontracted these services to Sodexo Ltd. The project is also responsible for major maintenance (lifecycle) of the facilities and retains the risk in the event that actual amounts spent exceed the budgeted figures. | Military barracks | U.K. |
| S4B (Issuer) PLC(AA/BBB-/Stable*) | ||
| In December 2013, U.K.-based special-purpose entity S4B (Issuer) PLC issued £73.525 million bonds and lent the proceeds to S4B Ltd. (ProjectCo). ProjectCo used the proceeds to regenerate the Brunswick public housing estate in central Manchester. ProjectCo operates under a 25-year availability-based PFI concession with Manchester City Council, which expires in December 2038. ProjectCo was responsible for the partial demolition and construction of new housing, refurbishment of existing housing, relocation of existing shops, and construction of an extended care facility. The estate, which has both low-rise and high-rise buildings, includes approximately 1,200 housing units. Mears Ltd. carried out the refurbishment and Galliford Try completed the new-build construction. ProjectCo has subcontracted FM services to Mears and housing management services to Onwards on a back-to-back basis. | Public housing | U.K. |
| Services Support (Manchester) Ltd.(BBB+/Stable) | ||
| Since 2005, Services Support (Manchester) Ltd. (SSML) has operated 16 police stations for the office of Police and Crime Commissioners under a 25-year concession agreement that runs until 2030. SSML subcontracts hard and soft FM services to Bouygues Energies & Services (BYES). BYES replaced Carillion Integrated Services as the service provider in April 2018 following Carillion’s compulsory liquidation in January 2018. SSML retains the lifecycle risk. | Police stations | U.K. |
| SNC-Lavalin Innisfree McGill Finance Inc.(A/Stable) | ||
| McGill Healthcare Infrastructure Group G.P. is a PPP to design, build, finance, maintain, and rehabilitate the MUHC Glen Campus, a large acute-care hospital in Montreal. The Glen Campus comprises four sections: an adult hospital, a children’s hospital, a cancer center, and a research center. The site totals about 217,500 square meters and has 500 beds and 20 operating rooms. It also has parking areas with about 2,735 spaces and a commercial retail space covering about 3,000 square meters. This is an availability-based social infrastructure project with no volume risk. AtkinsRealis Operations & Maintenance Inc. is responsible for providing O&M services for 30 years under a fixed-price FM agreement. MHIG has also entered a fixed-price lifecycle contract with JCI to provide lifecycle replacement obligations for assets under its scope of services. | Hospital | Canada |
| Solutions 4 North Tyneside (Finance) PLC(AA/A-/Stable*) | ||
| U.K.-based Solutions 4 North Tyneside (Finance) PLC (the issuer) issued bonds and on-lent the proceeds to Solutions 4 North Tyneside Ltd. (ProjectCo). ProjectCo is using the proceeds to provide and maintain 924 high-quality sheltered-housing dwellings, both new and refurbished, for older people across the North Tyneside metropolitan borough of Tyne and Wear, under a 28-year private finance initiative project agreement with North Tyneside Council. The scheme involves demolition, new build, refurbishment, and environmental works in respect of the properties. | Aged housing | U.K. |
| St. James’s Oncology Financing PLC(AA/BBB/Stable*) | ||
| In March 2017, St. James’s Oncology Financing PLC issued £173.15 million of notes, £57.0 million of fixed-rate bonds, and £38.0 million of index-linked bonds, all due March 2037. The issuer on-lent the proceeds to St. James’s Oncology SPC Ltd. (ProjectCo) to refinance long-term senior debt issued in 2004 to finance, construct, and operate a 350-bed oncology wing (the Bexley Wing) for St. James’s University Hospital in Leeds. ProjectCo operates under a 33-year project agreement with Leeds Teaching Hospitals NHS Trust that expires in December 2037. Lendlease Construction (EMEA) Ltd. completed construction in December 2007. ProjectCo has subcontracted hard FM and major maintenance (lifecycle) obligations to Engie Buildings Ltd. (Equans), under a fixed-price contract. Equans retains lifecycle risk on the estate. | Hospital | U.K. |
| Sustainable Communities for Leeds (Finance) PLC(AA/A-/Stable*) | ||
| U.K.-based limited-purpose entity Sustainable Communities for Leeds (Finance) PLC issued £102 million in bonds and on-lent the proceeds to Sustainable Communities for Leeds Ltd. (ProjectCo). ProjectCo used the proceeds to build, refurbish, improve, and maintain approximately 1,700 social housing dwellings in Leeds under a 20-year project agreement with LCC. Since construction was completed in 2017, ProjectCo has provided operational services to the existing housing units, comprising maintenance and lifecycle replacement, estates and environmental maintenance, caretaking, and cleaning in the communal areas. The council is not responsible for any estate-related services, with the exception of waste collection, lettings, and rent collection. ProjectCo has passed on its O&M and lifecycle obligations to Equans, formerly known as Engie Services Holding UK Ltd., under a back-to-back contract. | Public housing | U.K. |
| THP Partnership(A/Stable) | ||
| THP Partnership was selected to design, build, finance, and maintain the two new modern community acute hospitals in North Vancouver Island, B.C.: the Comox Valley Hospital (CMX) in the City of Courtenay and the Campbell River and District General Hospital (CBR) in the City of Campbell River. The 153-bed, 39,700 square-meter (sq. m.) CMX provides medical, surgical, intensive care, maternity and newborn, and some mental health and addictions services. The 95-bed, 28,000 sq. m. CBR provides similar services, as well as psychiatric services. Construction was completed on time by Graham Design Builders L.P. between July 2014 and April 2017. Honeywell Ltd. is the hard facilities management (FM) and lifecycle service provider, and Balfour Beatty Communities L.P. provides housekeeping services during the operating period. The project receives availability-based payments from Vancouver Island Health Authority. | Hospital | Canada |
| Transform Schools (North Lanarkshire) Funding PLC(AA/BBB/Stable*) | ||
| Transform Schools (North Lanarkshire) Funding PLC is a special-purpose entity that on-lent the bond and loan proceeds to Transform Schools (North Lanarkshire) Ltd. (TSNL) to finance design, construction, and provision of services within 24 school facilities across 17 sites in North Lanarkshire, Scotland. Balfour Beatty (BB) completed construction in 2008. TSNL operates under a 32-year availability-based private finance initiative concession with North Lanarkshire Council, which expires on March 31, 2037. TSNL provides hard and limited soft FM of the assets, which it subcontracts to Equans. The project benefits from unconditional and irrevocable guarantees from monoline insurers Assured Guaranty UK Ltd. and Assured Guaranty Municipal Corp. on the senior debt. | Schools | U.K. |
| Uliving@Essex Issuerco PLC(AA/BBB+/Stable*) | ||
| In August 2021, U.K.-based limited-purpose entity Essex3 issued £65 million of senior secured 2.72% fixed-rate bonds and £48.371 million of senior secured 0.10% bonds linked to the RPI, due Aug. 31, 2066. The proceeds of the issuance were used to finance the design, construction, and operation of 1,262-room student accommodation across five separate blocks on the University of Essex’s (UoE) main campus outside Colchester. The accommodation project is governed by a 50-year project agreement that allows the UoE to reserve rooms each academic year. The construction was completed on Aug. 25, 2023. The new accommodation complements the existing 4,755 rooms offered on campus and is next to the most recently constructed accommodation on the northwest side of the campus. ProjectCo3 has subcontracted hard and soft FM services to Bouygues E&S Solutions Ltd. under a fixed-price, index-linked contract. ProjectCo3 retains major maintenance (lifecycle) risk. The UoE markets and allocates the rooms on behalf of the project on an equal basis with its own on-campus accommodation. If rooms are reserved, the UoE will assume credit and void risk and retain 3% of the rental income in exchange. | Student housing | U.K. |
| Uliving@Essex2 Issuerco PLC(AA/BBB-/Stable*) | ||
| In May 2017, Uliving@Essex2 Issuerco PLC issued £60.6 million of rated senior secured bonds and on-lent the proceeds to Uliving@Essex2 Ltd. to finance the design, construction, and operation of a new 643-bedroom student accommodation facility for the UoE. The project comprises two seven-story buildings on the UoE’s campus, approximately 5 km from the center of Colchester, and adjacent to the UoE’s other accommodation facilities. The project is backed by a 50-year project agreement with UoE expiring in 2068. ProjectCo will receive from UoE an annual inflation-linked lease fee, the level of which will depend on the number of available rooms reserved for use by UoE for the academic year. Consequently, the project is exposed to vacancy risk. ProjectCo passes FM risk to Derwent HA but retains lifecycle risk. | Student housing | U.K. |
| Uliving@Essex3 LLP(AA/BBB/Stable*) | ||
| Uliving@Essex3 LLP issued £113 of senior secured bonds due 2066 to fund the design, construction and operation of 1,262 room student accommodation across five separate blocks on the UoE’s main campus outside Colchester. The project operates under a 50-year project agreement with the UoE that will allow the university to reserve rooms each academic year. The project is adjacent to the previous Uliving@Essex and Uliving@Essex2 inside the university campus. Construction is expected to be completed in 2023 under an EPC contract with Bouygues UK Ltd. ProjectCo will subcontract hard and soft FM services to Bouygues E&S Solutions Ltd. under a fixed-price, index-linked contract. ProjectCo will retain major maintenance (lifecycle) risk. The UoE will market and allocate the rooms on behalf of the project on an equal basis with its own on-campus accommodation. If rooms are reserved, the UoE will assume credit and void risk and retain 3% of the rental income in exchange. | Student housing | U.K. |
| ULivingAtHertfordshire(BBB+/Negative) | ||
| U.K.-based special-purpose vehicle ULiving@Hertfordshire PLC issued £143.5 million senior secured index-linked bonds due July 31, 2054, to finance the development, maintenance, and operation of student accommodation at the University of Hertfordshire’s (UoH) College Lane campus in Hatfield. | Student housing | U.K. |
| UPP Bond 1 Issuer PLC(A-/Stable) | ||
| UPP Bond 1 Issuer PLC issued notes and lent the proceeds to six special-purpose vehicles currently operating accommodation under individual long-term concession agreements for six U.K. universities: the University of Kent, the University of Nottingham, Nottingham Trent University, Oxford Brookes University, Plymouth University, and the University of York. Each ProjectCo entered into a project agreement with its respective university, under which it receives an annual fee, the level of which depends on the number of available rooms reserved for the academic year. The notes will be repaid from rental income. | Student housing | U.K. |
| Walsall Hospital Co. PLC (The)(AA/BBB/Stable*) | ||
| The Walsall Hospital Co. PLC (ProjectCo) issued £160.35 of senior secured bonds in 2007 to finance the design, construction, and operation of a new 500-bed hospital at the Walsall Manor Hospital in Walsall, U.K. (the new estate). Following completion of construction in 2011, the project has operated the new and existing parts of the facility under a 33-year availability-based PFI agreement with the Walsall Healthcare NHS Trust that expires in 2041. ProjectCo provides hard FM services for both the new and retained estate at the hospital, for which it subcontracts to Skanska Facilities Services Ltd. under a long-term agreement. Soft FM is provided by the Trust. ProjectCo is responsible for lifecycle costs on the new estate. | Hospital | U.K. |
| West Slope Residencies Finance Ltd(AA/BBB/Stable*) | ||
| West Slope Residencies Finance Ltd. is U.K.-based limited-purpose entity to finance the design, building, and operation of 23 student accommodation blocks comprising 1,899 new student bed spaces located within UoS’ campus, near Brighton. In addition to the student accommodations, ProjectCo will also construct non-residential amenities including a supermarket and cafe, and a health and well-being center. ProjectCo’s assets will be located near the assets of rated peer, East Slope Residencies PLC. | Student housing | U.K. |
| Yankee Stadium LLC(AA/Stable) | ||
| Insured only | Stadium | U.S. |
| Transportation | ||
| Aberdeen Roads (Finance) PLC(A/Stable) | ||
| Aberdeen Roads (Finance) issued £544 million of debt to finance a project to design, build, and operate the Aberdeen Western Peripheral Route (Balmedie to Tipperty) in northern Scotland. The route provides a north to south bypass of the city and comprises 55 km of new dual carriageway and a small new section added on the existing A90 north of Aberdeen. The road opened to traffic in February 2019. ProjectCo operates under an availability-based project agreement with Aberdeen City Council, acting as agent for the Scottish Ministers (the contracting authority). The concession runs for 33 years through 2047. ProjectCo has subcontracted routine operations and maintenance obligations to Balfour Beatty Civil Engineering Ltd. | Road | U.K. |
| 407 East Development Group G.P.(A-/Stable) | ||
| The project is a PPP to design, build, and operate an extension to highway 407 in Toronto. The concession with the Ontario Infrastructure and Lands Corp. covers construction, operations, and maintenance and runs for 30 years from 2016. Revenues are availability based. The project includes 20.3 km of four-to-six lane divided expressway (the main line), a 10-km, four-lane divided expressway connecting the main line to Highway 401, and a five-km realignment of Highway 401. The two equal equity owners are Cintra Infraestructuras S.A. and AtkinsRéalis Canada Inc, and the project operator is also a joint venture between Cintra and SNC-Lavalin. | Road | Canada |
| 407 International Inc.(A/Stable) | ||
| Toronto-based 407 International Inc. owns 100% of 407 ETR Concession Co. Ltd., which holds a 99-year lease to operate and maintain Highway 407. The highway is the world’s first all-electronic, open-access long toll highway, running 108 km just north and west of Toronto through some of the city’s more congested areas. It consists of six-, eight-, and 10-lane sections (expandable to eight and 10 lanes in certain sections). The highway system provides congestion relief to the Greater Toronto Area road network, attracting motorists willing to pay a toll to avoid busy toll-free alternate routes. Project revenues are fully exposed traffic volumes and it is allowed to raise tolls without limit, subject to meeting certain traffic levels. The 407 is owned by Cintra Global S.E., AtkinsRéalis Canada Inc., and the Canada Pension Plan Investment Board. | Road | Canada |
| 95 Express Lanes LLC(BBB/Stable) | ||
| 95 Express Lanes LLC operates and maintains about 50 miles of reversible managed lanes under a PPP concession that runs through 2087 with the Virginia Department of Transportation. The project is 50% owned by Transurban Group, 25% by AustralianSuper, 15% by Canada Pension Plan Investment Board, and 10% by UniSuper. 95 Express Lanes opened to traffic in December 2014, and there have been two significant extensions subsequently: the I-395 and most recently the FredEx expansion, making this project the largest reversible managed lanes project in the U.S. Revenue is volume-based, and debt includes bonds and a TIFIA loan. | Road | U.S. |
| Adani International Container Terminal Pte. Ltd.(BBB-/Stable) | ||
| A container terminal operator based in Mundra, Gujarat, in the northwestern part of India. The project operates a terminal with four berths and a total length of 1,460 meters and cargo handling capacity of 3.5 million TEUs. Sub-concession rights expire in 2031. The terminal’s deepest available draft at berth is 17.5 meters. The facility is equipped with 17 super post panamax quay cranes and is capable of handling ultra large container carriers with nominal capacity of 10,000 TUE and above. | Port | India |
| Aeropuerto Internacional de Tocumen S.A.(BBB/Negative) | ||
| Aeropuerto Internacional de Tocumen has an unlimited concession to manage and operate an international airport. The government has full ownership and control of the company. | Airport | Panama |
| Aerostar Airport Holdings LLC(BBB+/Stable) | ||
| Aerostar Airport Holdings operates the Luis Munoz Marin international airport in San Juan, Puerto Rico under a PPP lease with the Puerto Rico Ports Authority that runs for 40 years beginning in 2013. Aerostar is 60% owned by Aeropuerto de Cancún S.A. de C.V., and 40% by AviAlliance Canada Inc. The airport is the main gateway to the island of Puerto Rico. In 2023, it handled about 12 million passengers making it the busiest airport in the Caribbean. | Airport | U.S. |
| AFCO Airport Real Estate Group LLC(BBB/Stable) | ||
| AFCO develops and operates air cargo and other aviation facilities at 18 airports in the U.S. and overseas. The project includes properties at eight U.S. airports, which AFCO leases to air-cargo tenants such as FedEx, UPS, Amazon, and Southwest Airlines and repays project debt from lease revenues. The debt maturities have been structured to match the terms of the underlying ground leases between AFCO and the respective airports. | Air cargo facility | U.S. |
| Amey Roads NI Financial PLC(BBB-/Stable) | ||
| Amey Roads NI Financial PLC (formerly Amey Lagan Roads Financial PLC) issued bonds to finance the design, construction, operation, and maintenance of four complementary highway improvement schemes to the west of Belfast, Northern Ireland, under an availability-based payment regime. The funds were on-lent to Amey Roads NI Ltd. (ProjectCo). The project comprises the construction of about 38 km of carriageway, resulting from three separate road infrastructure improvement schemes, together with the operation and life cycle maintenance of approximately 87 km of existing roads. | Road | U.K. |
| APP Coatzacoalcos Villahermosa S.A.P.I de C.V.(mxBBB+/Positive) | ||
| APP operates 134 km of the Coatzacoalcos-Villahermosa section of the Federal Highway in the states of Veracruz and Tabasco in Mexico. The project has a 10-year PPP contract from the Transportation Ministry and receives monthly availability payments until 2027. | Road | Mexico |
| Arctic Infrastructure L.P.(A-/Stable) | ||
| The Government of Nunavut, Canada awarded a concession to Arctic Infrastructure L.P. to design, build, maintain, and rehabilitate the Iqaluit International Airport project in Iqaluit, Nunavut. The project constructed an air terminal building; a new combined services building; runway, taxiway, and apron improvements and rehabilitation; and improvements to the airport electrical and runway lighting systems, with construction complete in 2017. The 30-year operating period started at that point, and the project receives availability payments from the government of Nunavut. The project fully passed down O&M responsibilities to Nunavut Airport Services Ltd., a subsidiary of Winnipeg Airports Authority Inc., under a fixed-price services contract that covers the entire debt term. | Airport | Canada |
| Autopista del Sol Concesionaria Espanola S.A.(BBB+/Stable) | ||
| Autopista del Sol Concesionaria Espanola S.A. (AUSOL), a limited purpose entity, issued a €467 million fixed-rate senior secured bond and €40 million senior secured notes, both due Dec. 30, 2045. AUSOL used the proceeds to refinance the debt incurred in the construction, operation, and maintenance of a 96-km section of the tolled motorway between Málaga and Guadiaro in southern Spain. Part of the toll road has been operational since 1999 (the 75-km AUSOL I section), and part since 2002 (the 21-km section known as AUSOL II). AUSOL services its debt via the toll it charges road users. | Road | Spain |
| Autopistas Metropolitanas de Puerto Rico LLC(BBB/Positive) | ||
| Autopistas Metropolitanas consists of the PR-22 and PR-5 toll highways, a network of flat roads, 127 simple bridges, and seven toll plazas serving the largely urbanized northeastern and northwestern regions of Puerto Rico near its capital, San Juan. Autopistas Metropolitanas operates under a 50-year term concession agreement granted by the Puerto Rico Highway and Transportation Authority. It is exposed to traffic volumes, and the project is allowed to increase toll rates annually up to the maximum allowed under the concession terms (considering a rounding mechanism), which is the U.S. consumer price index plus 1.5% though 2061. PR-22 is a 52-mile toll road that runs along the northern coast of Puerto Rico, from San Juan to Hatillo. PR-5 is a two-mile toll road running south from San Juan to Bayamon, a key business area. Autopistas Metropolitanas is owned by Abertis Infraestructuras S.A., Ullico Inc., and Axium Metropistas Holdco LLC. | Road | U.S. |
| Autovia de la Mancha S.A.(AA/BBB-/Stable*) | ||
| Spain-based Autovia de la Mancha S.A. (AuMancha) issued a €110 million loan due July 2031 to finance the design, construction, and operation of a 52-km shadow toll road linking the cities of Toledo and Consuegra, south of Madrid in Spain. AuMancha operates under a 30-year concession until April 2033 with the granting authority, CLM, the sole revenue provider to the project. Accordingly, under our criteria, we consider CLM to be an irreplaceable counterparty. Construction was completed in July 2005, and the project has been operating smoothly since then. | Road | Spain |
| Bridging North America G.P.(BBB-/Stable) | ||
| Bridging North America G.P. (BNA) will design, build, operate, maintain, and rehabilitate the Gordie Howe International Bridge project between Windsor, Ontario, and Detroit, under a 30-year (following construction completion) availability-based concession agreement with the Windsor Detroit Bridge Authority. The project includes a new 2.5-km, six-lane cable-stay bridge that includes an 853-meter span over the Detroit River (once completed, the bridge will be the largest cable-stay bridge in North America by main span), port of entry complex on each side, and Michigan Interchange works. Construction is scheduled to complete in September 2025. Revenues are availability based. BNA is owned by ACS Infrastructure Canada Inc., Fluor Canada Ltd., and Aecon Concessions. | Bridge | Canada |
| Bridging Pennsylvania Developer I LLC(AA/Stable) | ||
| Insured only | Bridge | U.S. |
| Brightline East LLC(B/Stable) | ||
| Brightline East LLC is the indirect owner of Brightline Trains Florida LLC. Its sole source of revenue is distributions up-streamed from its operating subsidiary. | High-speed passenger rail | U.S. |
| Brightline Trains Florida LLC(AA/BBB-/Stable*) | ||
| Brightline Trains Florida LLC owns, operates, and manages a 235-mile high speed passenger rail system that runs from Miami to Orlando, Fla. connecting major population hubs (Brightline or the project). Brightline is a first-of-its-kind privately owned rail system, fully exposed to ridership and operational risks. It serves a mix of commuter, business, and leisure travelers. Brightline operates six stations along the corridor: Miami, Aventura, Fort Lauderdale, Boca Raton, West Palm Beach, and Orlando (located at Orlando International Airport). The Miami to Orlando high speed rail trip takes approximately three hours compared with the four plus hours it can take in an automobile during peak travel times. | High-speed passenger rail | U.S. |
| Capital City Link G.P.(A-/Stable) | ||
| Capital City Link G.P. (CCLGP), through an agreement with the Province of Alberta, designed, built, financed, operates, and maintains the northeast section of Anthony Henday Drive, an 80-km highway that provides free-flow travel around the City of Edmonton. It became operational in 2016. It receives fixed monthly service payments from the Province of Alberta that cover debt and capital costs and O&M expenses. The project is responsible for rehabilitation work but has fully passed down O&M responsibilities to Volker Stevin Highways Ltd. under a 30-year fixed-price agreement. Meridiam Infrastructure North America Fund II indirectly owns CCLGP. | Road | Canada |
| Channel Link Enterprises Finance PLC(AA/BBB/Stable*) | ||
| In 2007, Channel Link Enterprises Finance PLC (CLEF) issued a combination of £1.8 billion and €2.2 billion of notes due December 2050 as part of the financial restructuring and debt refinancing of Getlink (previously known as Groupe Eurotunnel S.A.). Getlink is the ultimate parent of France Manche S.A. and Channel Tunnel Group Ltd. The two concessionaires operate the Channel Tunnel between the U.K. and France, under a concession agreement granted in 1986 by the two governments and expiring in 2086. CLEF on-lent the proceeds of the issuances to the two concessionaires under a facility agreement and therefore relies on the concessionaires’ payments to service its interest and principal repayment. The concessionaires’ payment obligations are secured primarily by their property, undertakings, and assets. Under the concession, France Manche S.A. and Channel Tunnel Group Ltd. have the right and obligation, jointly and severally, to design, finance, and construct the Channel Tunnel and operate it until 2086 at their own risk, without any government funds or state guarantees. We consider the concessionaires’ and the issuer’s ability to service their debt as exposed to market risk and particularly to fluctuations in traffic. The Channel Tunnel is 50 km long and comprises two single-track rail tunnels, plus a third service tunnel for maintenance and evacuation. It has been in operation since opening to traffic in 1994. Traffic includes shuttle services for trucks, cars, and coaches, and rail services for passengers and freight. | Rail | U.K. |
| Chinook Roads Partnership(A-/Stable) | ||
| Chinook Roads Partnership is an availability-based road project, established to design, build, maintain, operate, and rehabilitate the Southeast Stoney Trail in Calgary, Alberta. The asset consists of a 25-km, six-lane divided freeway, with basic and auxiliary lanes, nine interchanges, three flyovers, and additional pregrading for future interchanges. The project commenced in March 2010 and achieved traffic availability in November 2013. The project is responsible for carrying out lifecycle services, and has subcontracted the O&M services to Chinook Highway Operations Inc., which has further sub-contracted them to Mainroad Chinook Contracting L.P. | Road | Canada |
| Concesionaria Mexiquense S.A. de C.V.(BBB/mxAAA/Stable) | ||
| Concesionaria Mexiquense S.A. de C.V. (Conmex) holds the concession to develop, construct, operate, and maintain the 155-km-long toll road, CEM, until February 2063. The project is fully operational, and Conmex uses tolls collected at CEM to repay its senior debt. | Road | Mexico |
| Connect 6ix General Partnership(BBB+/Stable) | ||
| Connect 6ix will design, construct, finance, and operate a portion of the Ontario Line subway in Greater Toronto. The line is 16 km long with 15 stations. This project is responsible for the rolling stock, systems, operations, and maintenance. There are two separate procurement contracts for construction of tunnels, stations, and civil works on the line. | Light railway transit | Canada |
| Connect Plus (M25) Issuer PLC(A-/Stable) | ||
| Connect Plus (M25) Issuer PLC was incorporated in 2008 to design, finance, and implement significant improvement works on London’s main ring road network, the M25 Motorway. It operates the network under an availability-based private finance initiative (PFI) concession that was awarded in 2009 and expires in September 2039. | Road | U.K. |
| CountyRoute (A130) PLC(NR) | ||
| Special-purpose vehicle CountyRoute used the proceeds of the senior and junior debt it issued in 2004 to refinance debt taken to design, build, finance, and operate the 15-km A130 bypass that runs from Chelmsford to Basildon in southeast England under a 30-year concession agreement with the Essex County Council. Construction was completed in 2003. The O&M services are carried out by Ringway Infrastructure Services under a back-to-back O&M services agreement. CountyRoute’s revenue is shadow toll-based, with about 55% derived from traffic volume-linked payments, and the remaining 45% from availability payments. | Road | U.K. |
| Dalrymple Bay Finance Pty Ltd.(BBB/Stable) | ||
| Located near Mackay, in Queensland, Australia, Dalrymple Bay Coal Terminal (DBCT) is currently the third-largest bulk-export coal terminal in the world, handling about 15% of the world’s metallurgical seaborne coal. The terminal, a critical and strategic part of the coal supply chain in Queensland’s Bowen Basin region, is held under a 99-year lease granted by the Queensland government in 2001, and is indirectly legally owned by Brookfield Infrastructure Partners L.P. The terminal comprises a 3.8-km jetty, three ship loaders, and a stockyard covering about 77 hectares. Terminal operations, which are largely automated, are contracted to DBCT Pty Ltd., the operating company which is owned by the majority of the mining companies using the terminal. The project was previously named DBCT Finance Pty Ltd. | Coal port | Australia |
| DirectRoute (Limerick) Finance DAC(AA/BB-/Stable*) | ||
| DirectRoute (Limerick) Finance Ltd. (ProjectCo) is a limited-purpose entity set up to raise funds for the construction of the Limerick Tunnel and road project in the Republic of Ireland, under a PPP. The project comprises a 10-km dual carriageway and a 675-meter immersed tube tunnel under the River Shannon. Following completion of the construction phase in July 2010, ProjectCo operates and maintains the tunnel under a 35-year concession with the Transport Infrastructure Ireland. The project benefits from a traffic guarantee mechanism provided by TII in face of lower-than-expected traffic levels. | Road | Ireland |
| Elizabeth River Crossings Opco LLC(BBB/Positive) | ||
| Elizabeth River Crossings Opco LLC (ERC) operates and maintains the Elizabeth River Tunnels Project under a 58-year concession agreement with the Virginia Department of Transportation expiring in 2070. The tunnels, which run under the Elizabeth River, connect Portsmouth and Norfolk, Va. ERC took over operations of the Downtown and Midtown tunnels in July 2012 and completed their rehabilitation in August 2016 and September 2017, respectively. The project also built a second, parallel two-lane Midtown Tunnel and an extension of the MLK Freeway portion in 2016. Project revenues are fully exposed traffic volumes, and the project is allowed to increase toll rates annually a minimum of 3.5%. Abertis Infraestructuras S.A. and Manulife Financial Corp. owns the project. | Tunnel | U.S. |
| ENA Master Trust(BBB/Negative) | ||
| ENA Master Trust operates 30 km of roadways in southern and northern Panama City through the concessions until 2045 and 2048 (ENA Sur and ENA Este, respectively). | Road | Panama |
| ENA Norte Trust(CCC+/Stable) | ||
| ENA Norte Trust operates 38 km of roadways in northern Panama City through the concession until 2029. | Road | Panama |
| Fideicomiso 1784 (Autopista Rio Verde y Libramiento La Piedad) – A1(mxAA/Stable) | ||
| The project operates the 113 km Rio Verde Road and the 21.3 km La Piedad Bypass through the concessions until 2027 and 2054, respectively. Fideicomiso 1784 receives cash flows from the availability payments from the SICT to service the debt of the series A1 and the remnants come from the traffic volume intended to service series A2 issuance. | Road | Mexico |
| Fideicomiso 1784 (Autopista Rio Verde y Libramiento La Piedad) – A2(mxAAA/Stable) | ||
| The project operates the 113 km Rio Verde Road and the 21.3 km La Piedad Bypass through the concessions until 2027 and 2054, respectively. Fideicomiso 1784 receives cash flows from the availability payments from the SICT to service the debt of the series A1 and the remnants come from the traffic volume intended to service series A2 issuance. | Road | Mexico |
| Fideicomiso 209635 Libramiento de Matehuala(BBB/mxAAA/Stable) | ||
| The Matehuala bypass has 14 km of roadways in the state of San Luis Potosí through the concession until 2033. | Road | Mexico |
| Fideicomiso 464 (Plan del Rio)(mxBBB+/Stable) | ||
| The project operates 13 km of roadways in the center of the state of Veracruz, Mexico through the concession until 2063. | Road | Mexico |
| Fideicomiso Autopista Monterrey-Cadereyta No. 3378(mxAAA/Stable) | ||
| The project operates 30 km of roadways, connecting the cities of Monterrey and Cadereyta, the state of Nuevo León, through the concession until 2054. | Road | Mexico |
| Fideicomiso CIB/2076 (Autopista Rio Verde y Libramiento La Piedad)(mxAA-/Stable) | ||
| This is a subordinated issuance that receives remnants from the series A1 and A2 of the project Fideicomiso 1784 (Autopista Rio Verde y Libramiento La Piedad). | Road | Mexico |
| Fideicomiso No. 2227 (Periferico del Area Metropolitana de Monterrey)(mxAA+/Stable) | ||
| The project operates 70 km of roadways in the state of Nuevo Leon through the concession until 2064. This is the subordinated tranche of Fideicomiso No. 80698. | Road | Mexico |
| Fideicomiso No. 80698 (Periferico del Area Metropolitana de Monterrey)(mxAAA/Stable) | ||
| The Periferico del Area Metropolitana de Monterrey (PAMM) is a 69.5-km toll road located in the Mexican state of Nuevo Leon that has been operating for more than 20 years that belongs to the Mexico-Nuevo Laredo corridor. The PAMM facilitates the connection of several industrial zones and crosses the Municipalities of Santa Catarina, García General Escobedo, Apodaca, Juárez, Cadereyta-Jiménez, and Allende. It runs from the free highway Monterrey-Saltillo and ends at the junction with the Monterrey-Cadereyta Highway. | Road | Mexico |
| GrandLinq G.P.(A-/Stable) | ||
| The Regional Municipality of Waterloo selected GrandLinq G.P. to design, build, finance, operate, and maintain a 19-km light rail transit route from the City of Waterloo, Ontario, to the City of Kitchener, Ontario, with 16 at-grade stops. The project achieved substantial completion on June 19, 2019. Alstom S.A. delivered 14 light rail vehicles (LRVs) under a separate LRV delivery contract with the region. Keolis Grand River L.P. provides operating, maintenance, and rehabilitation services for the first 10 years of operations. It could extend its contract in subsequent five-year increments, and it provides maintenance and life-cycle service throughout the concession. The region retains major operational risks such as ridership, derailment, grade crossing, collision, and revenue protection, which significantly mitigates risks in the project’s operating phase. | Light railway transit | Canada |
| High Speed Rail Finance 1 PLC & High Speed Rail Finance PLC(BBB+/Positive) | ||
| High Speed Rail Finance 1 PLC (HSRF1) is a U.K.-based special-purpose entity that issued bonds to partially refinance existing acquisition debt facilities of its sister company, High Speed 1 Ltd (HS1). The original facilities were used to fund the acquisition of HS1 by Borealis Infrastructure and Ontario Teachers’ Pension Plan from the U.K. government in November 2010. HS1 operates the high-speed rail line connecting St. Pancras International station in London with the Channel Tunnel under a concession with the U.K. Secretary of State, which terminates in 2040. Under the concession HS1 is responsible for the operations, maintenance, and renewal of the track and associated infrastructure, along with the four railway stations served by the route. The rail line currently serves domestic and international high-speed traffic, plus a small quantity of freight traffic. | Rail | U.K. |
| Highway Management (City) Finance PLC(AA/BBB/Stable*) | ||
| Northern Ireland-registered Highway Management (City) Finance PLC used proceeds of bonds and bank loan to finance the design, construction, operation, and maintenance of four complementary highway improvement schemes around Belfast, in Northern Ireland, under an availability-based payment regime. Highway Management (City) Finance lent the proceeds of the debt issue to Highway Management (City) Ltd., a limited-purpose entity and the key contracting entity. | Road | U.K. |
| ITR Concession Co. LLC(BBB/Stable) | ||
| ITR Concession Co. LLC operates and maintains the Indiana Toll Road (ITR) under a 75-year concession that runs through 2081 and a lease agreement with the Indiana Finance Authority. The 157-mile toll road links the Chicago Skyway in the west to the Ohio Turnpike in the east and features 20 toll plazas and eight travel plazas. ITR Concession Co. LLC self-performs all maintenance. The project relies mostly on toll revenue to service its debt and cover its maintenance costs, thus it is exposed to demand risk. The concession is owned by IFM Global Infrastructure Fund, California Public Employees’ Retirement System, U.S. insurer Allstate Corp., CBUS Super (an Australian superannuation fund for the construction industry), and Caisse de dépôt et placement du Québec. Because of the separateness covenants, we view ITRCC as delinked from the credit quality of its sponsors. ITR comprises two distinct segments with different market dynamics. One segment is a barrier system on the 24 miles from the Chicago Skyway at the Illinois state line to the Portage toll plaza at mile marker 24. | Road | U.S. |
| JFK International Air Terminal LLC(AA/Stable) | ||
| Insured only | Airport | U.S. |
| JFK NTO LLC(AA/Stable) | ||
| Insured only | Airport | U.S. |
| Kiewit Meridiam Partners LLC(A/Stable) | ||
| Kiewit Meridiam Partners LLC (KMP) was established to redesign and expand a 10-mile section of Interstate 70, a highway running through central Denver, and operate and maintain it under a public-private partnership. The Colorado Bridge and Tunnel Enterprise and Colorado High-Performance Transportation Enterprise (collectively the Enterprises) grant the concession. Each is a government-owned business within the Colorado Department of Transportation (CDOT). The project was established to reconstruct a 10-mile stretch of I-70 East from Brighton Boulevard to Chambers Road, and the construction was completed in 2023 per the revised baseline schedule. Through its 30-year operations phase, the project is entitled to receive availability revenue from the Enterprises. It has passed down all routine operations and maintenance (O&M) responsibilities to Roy Jorgensen Associates Inc. on a 10-year renewable-contract basis, while retaining major maintenance. KMP is 60% owned by Meridiam and 40% owned by Kiewit. | Road | U.S. |
| Kingston Airport Revenue Finance LLC(BB (prelim)/Stable) | ||
| Grupo Aeroportuario del Pacifico (GAP) has a 25-year concession to operate the Normam Mainley International Airport, the main gateway serving Jamaica’s capital city, Kingston. GAP pays 53.22% of the airport’s aggregate revenues as concession fee, while the remainder 46.78% is used to maintain operations, capex, and debt repayments. | Airport | Jamaica |
| LAX Integrated Express Solutions LLC(AA/Stable) | ||
| LAX Integrated Express Solutions LLC has a concession to build and operate a people mover between LAX airport terminals, car parking, and train station. | Light railway transit | U.S. |
| M6 Duna Autopalya Koncesszios Zartkoruen Mukodo Reszvenytarsasag(AA/Stable) | ||
| The project was granted a concession from the Republic of Hungary to finance, design, construct, operate, and maintain a 58 km motorway between Érdi-teto and Dunaújváros southeast of Budapest in Hungary. The company was founded in 2004 and operates as a subsidiary of M6 Duna B.V. | Road | Hungary |
| Mexico City Airport Trust(BBB/Stable) | ||
| Mexico City Airport Trust is a financing trust that receives its income through all airport passenger charges generated by Mexico City’s existing Aeropuerto Internacional de la Ciudad de México. The owner is Grupo Aeroportuario de la Ciudad de México, which is an irreplaceable counterparty with a 50-year concession. | Airport | Mexico |
| Millennium Parking Garages LLC(BBB/Stable) | ||
| Millennium Parking Garages (MPG) operates and collects revenue for the largest downtown underground parking system in the U.S., with more than 3.82 million square feet that can accommodate 9,176 cars across four garages in Chicago’s East Loop area. The 99-year concession and lease agreement has 86 years remaining. Revenue is primarily derived from parking usage–both contracted parking permits and daily demand parking. | Parking | U.S. |
| Mobilinx Hurontario G.P.(BBB/Negative) | ||
| Mobilinx is responsible for the design, build, and operation of the 18-km Hurontario light rail transit project in Mississauga and Brampton, Ontario. Construction is being performed by a consortium including Salini-Impregilo, Hitachi Rail, Astaldi, Amico, and BOT infrastructure, with vehicles supplied by Alstom, the LRV manufacturer appointed by the concession provider. It is expected to be complete in 2026. During the subsequent 30-year operating period the project will responsible for operations and maintenance of the system and vehicles. | Light railway transit | Canada |
| NCIG Holdings Pty Ltd.(BB/Stable) | ||
| NCIG Holdings Pty Ltd. Is the holding company for Newcastle Coal Infrastructure Group Pty Ltd. | Coal port | Australia |
| Newcastle Coal Infrastructure Group Pty Ltd.(BBB+/Stable) | ||
| Newcastle Coal Infrastructure Group (NCIG) operates a coal export terminal located in the Port of Newcastle on the central coast in the Australian State of New South Wales. The multi-user terminal has an approved capacity of 66 million metric tons per annum. It is fully contracted under 10-year, evergreen ship-or-pay contracts. NCIG commenced operations in 2010 under a lease from Port of Newcastle, which expires in 2043 and NCIG holds a 10-year extension option. NCIG is 100% mutually owned by most of its shippers. | Coal port | Australia |
| North Queensland Export Terminal Pty Ltd.(BB-/Stable) | ||
| North Queensland Export Terminal Pty Ltd (NQXT, formerly known as Adani Abbot Point Terminal) is the special-purpose entity responsible for the operational activities of Abbot Point Coal Terminal (APCT) and has issued debt as part of the acquisition of APCT. APCT is located 25 km northwest of Bowen in the Australian State of Queensland and is Australia’s northern-most coal port. The multi-user port has a design capacity of 50 million tons per annum that is about 80% contracted under medium- to long-term take-or-pay agreements. The port is held under a 99-year lease acquired by the Adani Group from the Queensland government early in 2011. | Coal port | Australia |
| Northwestconnect G.P.(BBB/Stable) | ||
| Northwestconnect G.P. (NWC) entered into a project agreement (PA) with the Ministry of Transportation and Economic Corridors (MoTEC; previously Alberta Transportation) to design, build, maintain, and operate the northwest section of Anthony Henday Drive, an 80-km highway that provides free-flow travel around the city of Edmonton. NWC opened to traffic in November 2011, beginning its 30-year operating period. NWC entered into a fixed-price service agreement with Carmacks Maintenance Services Ltd. (Carmacks) to fully pass down its O&M responsibilities under the PA. NWC self-performs its lifecycle responsibilities. NWC is equally owned by HICL Infrastructure (Canada) Inc. and BBGI Investments S.C.A. It is managed by Vercity (formerly HCP Canada) from February 2021 under a five-year management service agreement signed in August 2020. | Road | Canada |
| Nouvelle Autoroute 30 S.E.N.C.(BBB+/Stable) | ||
| A30 Express operates and maintains 42 km of greenfield development (including the 2.0-km tolled Serge Marcil bridge), which it completed in 2012 to relieve congestion and improve access, and another 32 km of highway on Montreal’s south shore under a 34-year concession agreement with the Ministère des Transports et de la Mobilité Durable. The A30 Express is a four-lane divided highway that provides an east-west route parallel to southern Montreal Island and a north-south tolled link crossing the St. Lawrence River between the Beauharnois-Salaberry and Vaudreuil-Soulanges municipalities. A30 Express is owned by ACS Infrastructure Canada Inc. (12.5%), Northleaf Capital Partners (Canada) (50%), and Teachers’ Insurance and Annuity Assn. (37.5%). The project earns a combination of highly stable and inflation-linked availability payments (about 63% of total revenue over the concession) and toll payments (the remaining 37% over the concession) that are exposed to traffic risk. | Road | Canada |
| NYNJ Link Borrower LLC / NYNJ Link Developer LLC(AA/A-/Stable*) | ||
| NYNJ Link Borrower LLC and NYNJ Link Developer LLC are subsidiaries of NYNJ Link Inc., the project company for the Goethals Bridge replacement project. The owners of the project are Macquarie Infrastructure Real Assets (90%) and Kiewit Development Co. (10%). The concession was granted with the Port Authority of New York and New Jersey to design, build, finance, maintain, and operate the replacement Goethals Bridge for a term of about 40 years (including a five-year construction period that was completed in 2018 by a JV of Kiewit, Weeks and Massman). The project involves construction of two three-lane, cable-stay bridges between Elizabeth, N.J., and Staten Island, N.Y, construction of new approach structures, realignment of the existing structures including a rail bridge, approach structures and an access road, and demolition of the existing bridge. Operating revenues are availability based. | Road | U.S. |
| Oakland Corridor Partners LLC(AA/Stable) | ||
| Oakland Corridor Partners was awarded a concession to design, build, finance, and maintain the final segment of the I-75 Modernization Project (Segment 3) in Southeast Michigan in 2018. | Road | U.S. |
| Organizacion de Proyectos de Infraestructura S.A.P.I. de C.V.(mxAA/Stable) | ||
| Organizacion de Proyectos de Infraestructura (OPI), through its subsidiary, Concesionaria Mexiquense S.A. de C.V., operates 155 km of roadways in Mexico through the concession until 2063. Conmex uses tolls collected at CEM to repay its senior debt, and the remaining funds are used to service OPI’s debt. | Road | Mexico |
| Ostregion Investmentgesellschaft Nr. 1 S.A.(B+/Stable) | ||
| Austria-based special-purpose vehicle Ostregion issued €775 million of senior secured bonds and loans to design and build a 52-km stretch of motorway north of Vienna under a 33-year PPP concession with the Austrian Roads Agency, Autobahnen-und Schnellstrassen-Finanzierungs-AG (ASFINAG) expiring in 2039. The issuer on-lent the proceeds to Bonaventura Infrastruktur Gmbh (ProjectCo), the project concessionaire. Since the construction works were completed in January 2010, the latter operates and maintains the road. Operation and maintenance have been subcontracted to Bonaventura Services GmbH. The ProjectCo is compensated by ASFINAG in the form of availability and shadow tolls payments. | Road | Austria |
| Plenary Infrastructure ERMF G.P.(A-/Stable) | ||
| Plenary Infrastructure ERMF G.P. entered a PPP with Ontario Infrastructure and Lands Corp. to develop, design, construct, finance, and maintain the East Rail Maintenance Facility in Whitby, Ontario. The maintenance facility consists of more than 500,000 square feet of building space as well as fuel storage and tracks. It accommodates light and heavy maintenance work and provides additional train storage to support GO Transit’s planned service expansions. It also provides daily maintenance for passenger trains with up to 12 cars. The project has a 30-year availability-based operations period, and entered a 30-year fixed price facilities maintenance contract with Honeywell Ltd. for maintenance services and renewal of the facility and plant services. The project retains the track and signal maintenance obligations within the facility buildings. | Rail maintenance | Canada |
| Plenary Walsh Keystone Partners LLC(BBB/Stable) | ||
| Plenary Walsh Keystone Partners LLC (ProjectCo) has replaced 558 geographically dispersed, structurally deficient bridges across the Commonwealth of Pennsylvania under a public-private transportation partnership agreement with the Pennsylvania Department of Transportation. The availability concession with PennDoT runs through 2043. The operations, maintenance, and repair obligations are passed down to Walsh Infrastructure Management LLC. Caisse de depot et placement du Quebec and Plenary Group (Canada) Holding Ltd. hold a combined 80% stake in ProjectCo; WI Penn Bridges L.P. holds the remaining 20% stake. | Bridge | U.S. |
| Red de Carreteras de Occidente S.A.B. de C.V.(BBB/mxAAA/Stable) | ||
| Red de Carreteras de Occidente (RCO) operates 617 km of roads, in the Bajio zone in Mexico, through the concession until 2048. | Road | Mexico |
| Rutas de Lima S.A.C.(CCC+/Negative) | ||
| Rutas de Lima operates 96 km of roadways in southern, northern, and eastern Lima through concessions until 2039. | Road | Peru |
| San Juan Cruise Port LLC(BBB-/Stable) | ||
| San Juan Cruise Port LLC (SJCP), a wholly owned subsidiary of Global Ports Holding PLC, was selected as the concessionaire for the 30-year San Juan Bay Cruise Port PPP tendered by the Puerto Rico Ports Authority (the Authority) and the Puerto Rico Public-Private Partnership Authority. This concession agreement provides for the repair, design, build, financing, and operations and maintenance of the port, including the passenger terminals, commercial activities, and ancillary facilities. The facilities in the San Juan Bay that form the scope of the concession are Piers 1, 3, 4, and 11-14 and the Pan American Piers 1 and 2, along with the quay wall and walkways between Piers 1, 2, 3, and 4. The Authority will hand over operations of the designated Port assets in exchange for an upfront payment and annual payments, including revenue share. There is no revenue counterparty dependency on the Authority. SJCP relies completely on the cruise ship industry and, in this context, is fully exposed to cruise ship passenger traffic to the port facilities. The lenders are also exposed to construction risk during the roughly 24-month planned construction period while conducting marine repairs at Pier 4 and the Pan American Piers, as well as smaller non-marine projects, including the Pier 1-4 walkway projects and the Pan American Pier 1 and 2 cruise buildings. | Cruise port | U.S. |
| Scot Roads Partnership Finance Ltd.(A/Stable) | ||
| Scot Roads Partnership Finance Ltd. (the issuer) raised debt through a bond issuance and a European Investment Bank loan and on-lent to Scots Roads Partnership Project Ltd. (ProjectCo), to finance the design, construction, and operation of roads forming parts of the M8, M73, and M74 motorway network in central Scotland. ProjectCo entered into an availability-based infrastructure concession with the awarding authority, Scottish Ministers, which runs for approximately 33 years, expiring in 2047. | Road | U.K. |
| Sociedad Concesionaria Autopista Central S.A.(A/Negative) | ||
| AC operates 62 km of roadways in southern and northern Santiago through concessions until 2032. | Road | Chile |
| Sociedad Concesionaria Autovia de la Plata S.A.(A/Stable) | ||
| Sociedad Concesionaria Autovía de la Plata S.A. (AutPlata) issued bonds to finance the construction, operation, and maintenance of a 49 km section of the A-66 motorway between Benavente and Zamora, in the northwest of Spain. AutPlata entered into an availability-based concession with the awarding authority, the Spanish Ministry of Public Works, part of Spanish central government, for a term of 30 years from Dec. 14, 2012. Operations commenced on May 12, 2015. | Road | Spain |
| Sociedad Concesionaria Costanera Norte S.A.(A/Negative) | ||
| Sociedad Concesionaria Costanera Norte S.A. operates 44 km of roadways in eastern and western Santiago through concessions until 2033. | Road | Chile |
| Sociedad Concesionaria Vial Montes de María S.A.S.(AA/Stable) | ||
| The project has a concession to design, construct, rehabilitate, operate, and maintain the Puerta de Hierro-Palmar de Varela toll road in Colombia. The project includes 197 km of existing roadway and 5 km of new construction, and the concession runs to 2045. | Road | Colombia |
| Terminales Portuarios Euroandinos Paita S.A(BB+/Stable) | ||
| Terminales Portuarios Euroandinos Paita operates a container port in northwestern Peru through the concession until 2039. | Port | Peru |
| Toll Road Investors Partnership II L.P.(BB/Negative) | ||
| Toll Road Investors Partnership II L.P. (TRIP II) owns and operates a 14-mile limited-access toll road (Dulles Greenway [DG]) under a Certificate of Authority issued by the Virginia State Corp. Commission (SCC) and a Comprehensive Agreement (CA) with the Virginia Department of Transportation (VDOT). DG connects Washington Dulles International Airport (at the end of the Dulles Toll Road [DTR]) with Leesburg, Va. The Certificate of Authority expires February 2056, but to the extent that the 2005 bonds are not fully retired by 2056, the franchise continues for 10 years. The road opened for operations in September 1995 and is 100% volume exposed. Atlas Arteria owns TRIP II. | Toll road | U.S. |
| Transjamaican Highway Ltd.(BB-/Stable) | ||
| Transjamaican Highway Ltd. operates 50 km of roadways in Kingston through the concession until 2036. | Road | Jamaica |
| Transportation Infrastructure Properties LLC(BBB+/Stable) | ||
| The plant uses monocrystalline PV modules from JinkoSolar in an east-west fixed-tilt ground mounted configuration, and Ingeteam inverters. It covers approximately 7.8 square km of land and contains about 3.2 million modules and 828 inverters. | Air cargo facility | U.S. |
| Verdun Participation 2 S.A.(AA/BBB-/Stable*) | ||
| Verdun Participation 2 S.A. (VP2) is the 100% owner of Compagnie Eiffage du Viaduc de Millau, which holds the concession for the Millau viaduct in Southern France until 2079. The asset, Millau Viaduct is a 2.5-km long, seven-span cable-stayed road bridge built to enable traffic traveling on the north-south axis A75 motorway. It is the tallest bridge in the world, with one mast’s summit at 343.0 meters above the base of the structure. The viaduct has been open since 2004. Project revenues are volume-based. VP2’s ultimate shareholder is French construction and concession group Eiffage S.A. | Road | France |
| Via Pribina a.s.(BBB+/Stable) | ||
| In 2013, Slovakia-based special-purpose entity Granvia a.s. (ProjectCo) issued €1,242.7 million of fixed-rate senior secured bonds, due September 2039. In August 2022, ProjectCo’s name changed to Via Pribina a.s., with no change to any contract or its obligations. The debt proceeds refinanced the senior secured loan incurred by ProjectCo in relation to its 30-year concession with the Ministry of Transport of Slovakia (the Authority), to design, build, operate, and manage 51.6 km of the R1 Expressway in the southwest of Slovakia. Under the concession, ProjectCo receives availability-based revenue, and is therefore not subject to market risk. The project consists of 84 bridge structures with a total length of approximately 6.8 km (the longest bridge being almost 1.2 km), 10 interchanges, approximately 33 km of noise barriers, two O&M centers, and two service areas. | Road | Slovak Republic |
| Westconnex Finance Co. Pty Ltd.(BBB+/Stable) | ||
| WestConnex Finance Co. Pty Ltd. (WCX) is a tolled Sydney metropolitan motorway comprising six roads under three separate concessions that are physically joined to form a network. These include the new M4, M5 East, M8, M4-M5 Link, Rozelle Interchange and the M5 South West. The M5 South West toll road (an adjacent concession) will be included into WCX when the existing concession expires in 2026. All concessions expire in 2060. | Road | Australia |
| *Bond insurance rating/issue (project) rating. | ||
This report does not constitute a rating action.
| Primary Credit Analysts: | Carolyn McLean, New York + 1 (212) 438 2383; carolyn.mclean@spglobal.com |
| Pablo F Lutereau, Madrid + 34 (914) 233204; pablo.lutereau@spglobal.com |
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| Secondary Contacts: | Gonzalo Cantabrana Fernandez, Madrid + 34 91 389 6955; gonzalo.cantabrana@spglobal.com |
| Abhishek Dangra, FRM, Singapore + 65 6216 1121; abhishek.dangra@spglobal.com |
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| Trevor J D’Olier-Lees, New York + 1 (212) 438 7985; trevor.dolier-lees@spglobal.com |
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| Michael V Grande, New York + 1 (212) 438 2242; michael.grande@spglobal.com |
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| Aneesh Prabhu, CFA, FRM, New York + 1 (212) 438 1285; aneesh.prabhu@spglobal.com |
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| Julyana Yokota, Sao Paulo + 55 11 3039 9731; julyana.yokota@spglobal.com |
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| Vedika Mehta, Toronto; vedika.mehta@spglobal.com |
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| Research Contributors: | Pralhad Hanamshet, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
| Komal Mishra, CRISIL Global Analytical Center, an S&P affiliate, Mumbai | |
| Khyati Gupta, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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