Credit quality for the project finance sector has remained stable over the past year. S&P Global Ratings has about 325 ratings on project finance issuers, of which 260 are public.
The vast majority, about 71%, of project finance credit ratings are investment grade, defined as 'BBB-' and higher. A significant 76% portion of ratings have stable outlooks. About 19% have a negative outlook or are on CreditWatch with negative implications, while 5% have a positive outlook or are on CreditWatch with positive implications. The credit quality of the portfolio declined from 2019 to 2020 due to the global pandemic, with lower ratings across the universe. Since 2020, the rating distribution has remained relatively stable, however, and non-stable outlooks increased as a percentage of the unenhanced portfolio in 2023.
The portfolio of ratings includes about 58 issuers that have a credit enhancement through a bond insurance wrap. This results in a rating of 'AA' and a stable outlook (see table 2). Most of these entities also have an S&P underlying rating (SPUR), which reflects the credit quality of the project.
Our Ranking
The following tables rank all project finance transactions for which we have a public rating. The lists are ranked from strongest to weakest by project credit rating, project stand-alone credit profile (SACP), and then alphabetical order. We also include the rating subcomponent scores, including operations period business assessment (OPBA), resiliency, modifiers, and the final operation and construction period SACPs.
The final rating might differ from the SACP, where government, group, or rating above the sovereign considerations apply. Country risk has a minimal impact because a vast majority of projects are in jurisdictions where we assess country risk as low.
We publicly rate 13 projects in Asia-Pacific, 83 in Europe, the Middle East, and Africa (EMEA), 55 projects in Latin America, and 109 projects in North America (see table 1).
Chart 1
Chart 2
When a project has an external guarantee of its debt, such as an insurance wrap, we differentiate the underlying project SACPs from the project issue rating. For these issuers, a project issue rating of 'AA' reflects bond insurance, while the underlying project is assessed separately and would typically have a lower rating or might not have a rating at the project level (see table 2).
We also have 10 national scale credit ratings in Brazil and 12 in Mexico (see table 3).
Rating Distribution
The global-scale rating distribution is weighted toward investment grade. This is because projects are typically structured to allow for investment-grade ratings.
Chart 3
Outlook and CreditWatch Distribution
Our rating outlooks are mostly stable. Project finance ratings reflect base-case assumptions while also factoring in short-term volatility for more market-exposed projects.
Sectors with a large number of negative outlooks include Spanish renewable energy projects, gas generation projects in the U.S, student housing in the U.K., and a small number of public-private partnership hospital projects that have faced increased operating costs and operational deductions in the U.K.
Chart 4
Operations Phase Business Assessment Distribution
The issuers include projects with a diverse range of OPBAs. The OPBA reflects our view of the volatility of cash flow, where a 1 is least volatile and a 12 is the most volatile. All the projects that we view as merchant power have an OPBA of 9 or higher, primarily due to their inherent market risk exposure.
The contracted power projects have a wider range of OPBAs, stemming from different underlying technologies and contractual profiles. Volume-exposed transportation deals typically have OPBAs of 3-6, and volume-exposed social infrastructure deals such as hotels and stadiums typically range from 5-10.
The lower OPBAs are for simple projects with low technology complexity and typically availability-based revenue with no or limited resource or market exposure.
Chart 5
Historical Trends
The rating distribution and outlooks for global-scale projects that do not benefit from an external credit guarantee are illustrated in charts 6 and 7. After a decline between 2019 and 2020 due to the global pandemic, credit quality has remained broadly unchanged. 2023 is somewhat notable because of the increase in non-stable outlooks.
Chart 6
Chart 7
Issuer Rankings
Table 1
| Global scale projects | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | Country | Sector | Subsector | Project credit rating | Project SACP | OPBA | Prelim ops SACP | Resiliency | Modifiers | Operations phase SACP | Construction phase SACP | |||||||||||||
|
Sociedad Concesionaria Vial Montes de María S.A.S. |
Colombia | Transportation | Road | AA/Stable | bb+ | 3 | bb+ | Moderate (+1) | Median (+1), CDA cap (bb+), Guarantee from Development Finance Corp (AA) | bb+ | -- | |||||||||||||
|
Abu Dhabi Crude Oil Pipeline |
UAE | Commodities and natural resources | Oil pipeline | AA/Stable | -- | -- | -- | -- | Full risk transfer | aa | -- | |||||||||||||
|
QatarEnergy LNG S(3) |
Qatar | Commodities and natural resources | LNG | AA-/Stable | aa- | 9 | a+ | Very high (+1) | GRE Support (0) | aa- | -- | |||||||||||||
|
Exchequer Partnership (No. 2) PLC |
U.K. | Social infrastructure | Office | A+/Stable | a+ | 1 | a | Very high (+1) | -- | a+ | -- | |||||||||||||
|
Integrated Accommodation Services PLC |
U.K. | Social infrastructure | Accommodation | A+/Stable | a+ | 1 | a | Very high (+1) | -- | a+ | -- | |||||||||||||
|
Plenary Health Niagara L.P. |
Canada | Social infrastructure | Health care | A+/Stable | a+ | 2 | a+ | Very high (+1) | Counterparty cap (a+) | a+ | -- | |||||||||||||
|
407 International Inc. |
Canada | Transportation | Road | A/Stable | a | 3 | a | Very high (+1) | Structual Protection (-1) | a | -- | |||||||||||||
|
ABC Schools Partnership |
Canada | Social infrastructure | Education | A/Stable | a | 1 | a- | Very high (+1) | -- | a | -- | |||||||||||||
|
Aberdeen Roads (Finance) PLC |
U.K. | Transportation | Road | A/Stable | a | 1 | a- | Very high (+1) | -- | a | -- | |||||||||||||
|
Alpha Schools (Highland) Project PLC |
U.K. | Social infrastructure | Education | A/Stable | a | 1 | a- | Very high (+1) | -- | a | -- | |||||||||||||
|
Cameron LNG LLC |
U.S. | Commodities and natural resources | LNG | A/Stable | a | -- | -- | -- | Credit substitution | a | -- | |||||||||||||
|
CSS (FSCC) Partnership |
Canada | Social infrastructure | Office | A/Stable | a | 2 | a- | Very High (+1) | -- | a | -- | |||||||||||||
|
Integrated Team Solutions SJHC Partnership |
Canada | Social infrastructure | Health care | A/Stable | a | 2 | a- | Very high (+1) | -- | a | -- | |||||||||||||
|
Keele Residential Funding PLC |
U.K. | Social infrastructure | Accommodation | A/Stable | a | 1 | a | High | -- | a | -- | |||||||||||||
|
Kiewit Meridiam Partners LLC |
U.S. | Transportation | Road | A/Stable | a | 2 | a- | Very high (+1) | -- | a | -- | |||||||||||||
|
MPC Funding Ltd. |
Australia | Social infrastructure | Public infrastructure | A/Stable | a | 1 | bbb | Very high (+2) | Holistic (+1) | a | -- | |||||||||||||
|
Plenary Health Bridgepoint L.P. |
Canada | Social infrastructure | Health care | A/Stable | a | 2 | bbb+ | Very high (+2) | -- | a | -- | |||||||||||||
|
Plenary Health Finance Co. Pty Ltd. |
Australia | Social infrastructure | Health care | A/Stable | a | 2 | bbb+ | Very high (+2) | Counterparty cap | a | -- | |||||||||||||
|
Plenary Health Hamilton L.P. |
Canada | Social infrastructure | Health care | A/Stable | a | 2 | a- | Very high (+1) | -- | a | -- | |||||||||||||
|
Plenary Properties LTAP L.P. |
Canada | Social infrastructure | Office | A/Stable | a | 2 | a- | Very high (+1) | -- | a | -- | |||||||||||||
|
Premier Transmission Financing PLC |
U.K. | Commodities and natural resources | Gas pipeline | A/Stable | a | 3 | -- | High (a) | Rate to downside | a | -- | |||||||||||||
|
Scot Roads Partnership Finance Ltd. |
U.K. | Transportation | Road | A/Stable | a | 1 | a- | Very high (+1) | -- | a | -- | |||||||||||||
|
SNC-Lavalin Innisfree McGill Finance Inc. |
Canada | Social infrastructure | Health care | A/Stable | a | 2 | a- | Very high (+1) | -- | a | -- | |||||||||||||
|
Sociedad Concesionaria Autovia de la Plata S.A. |
Spain | Transportation | Road | A/Stable | a | 1 | a- | Very high (+1) | -- | a | -- | |||||||||||||
|
THP Partnership |
Canada | Social infrastructure | Health care | A/Stable | a | 2 | a- | Very high (+1) | -- | a | -- | |||||||||||||
|
Sociedad Concesionaria Costanera Norte S.A. |
Chile | Transportation | Road | A/Negative | a+ | 4 | a | Very High (+1) | Liquidity (+1), CDA (-1), Sovereign cap (a) | a+ | -- | |||||||||||||
|
Sociedad Concesionaria Autopista Central S.A. |
Chile | Transportation | Road | A/Negative | a | 4 | a- | High (a-) | Liquidity (+1) | a | -- | |||||||||||||
|
407 East Development Group G.P. |
Canada | Transportation | Road | A-/Stable | a- | 1 | a- | Moderate (BBB+ Cap) | Holistic (+1) | a- | -- | |||||||||||||
|
Arctic Infrastructure L.P. |
Canada | Transportation | Airport | A-/Stable | a- | 2 | a- | Very high (+1) | Holistic (-1) | a- | -- | |||||||||||||
|
Capital City Link G.P. |
Canada | Transportation | Road | A-/Stable | a- | 2 | a- | Moderate (BBB+ Cap) | Holistic (+1) | a- | -- | |||||||||||||
|
Chinook Roads Partnership |
Canada | Transportation | Road | A-/Stable | a- | 2 | a- | Moderate (BBB+ Cap) | Holistic (+1) | a- | -- | |||||||||||||
|
CHS (CAMH) Partnership |
Canada | Social infrastructure | Health care | A-/Stable | a- | 1 | bbb | High (+1) | Holistic (+1) | a- | -- | |||||||||||||
|
Connect Plus (M25) Issuer PLC |
U.K. | Transportation | Road | A-/Stable | a- | 3 | a- | High | -- | a- | -- | |||||||||||||
|
Eletrans S.A |
Chile | Power | Transmission | A-/Stable | a- | 3 | a- | High (0) | Future value (+1), Holistic (-1) | a- | -- | |||||||||||||
|
Grandlinq G.P. |
Canada | Transportation | Light rail | A-/Stable | a- | 4 | bbb+ | Very high (+2) | Holistic (-1) | a- | -- | |||||||||||||
|
Green Timbers L.P. |
Canada | Social infrastructure | Office | A-/Stable | a- | 1 | a- | High | -- | a- | -- | |||||||||||||
|
Hospital Co. (Swindon & Marlborough) Ltd. (The) |
U.K. | Social infrastructure | Health care | A-/Stable | a- | 1 | bbb+ | High (+1) | -- | a- | -- | |||||||||||||
|
Integrated Team Solutions PCH Partnership |
Canada | Social infrastructure | Health care | A-/Stable | a- | 1 | a- | High | -- | a- | -- | |||||||||||||
|
NYNJ Link Borrower LLC / NYNJ Link Developer LLC |
U.S. | Transportation | Road | A-/Stable | a- | 3 | bbb- | Very high (+2) | Holistic (+1) | a- | -- | |||||||||||||
|
Plenary Infrastructure ERMF G.P. |
Canada | Social infrastructure | Rail maintenance | A-/Stable | a- | 2 | bbb | Very high (+2) | -- | a- | -- | |||||||||||||
|
Ravenhall Finance Co. Pty Ltd. |
Australia | Social infrastructure | Prison | A-/Stable | a- | 4 | bbb+ | High (+1) | -- | a- | -- | |||||||||||||
|
RMPA Services PLC |
U.K. | Social infrastructure | Accommodation | A-/Stable | a- | 1 | bbb+ | High (+1) | -- | a- | -- | |||||||||||||
|
Solutions 4 North Tyneside (Finance) PLC |
U.K. | Social infrastructure | Accommodation | A-/Stable | a- | 1 | bbb+ | High (+1) | -- | a- | -- | |||||||||||||
|
Sustainable Communities for Leeds (Finance) PLC |
U.K. | Social infrastructure | Accommodation | A-/Stable | a- | 1 | bbb+ | High (+1) | -- | a- | -- | |||||||||||||
|
UPP Bond 1 Issuer PLC |
U.K. | Social infrastructure | Accommodation | A-/Stable | a- | 3 | bbb- | High (+1) | Holistic (+1), Median (+1) | a- | -- | |||||||||||||
|
Emirates SembCorp Water & Power Co. PJSC |
UAE | Power | Power and desalination | A-/Stable | bbb+ | 5 | bbb | High (+1) | GRE Support (+1) | bbb+ | -- | |||||||||||||
|
Sweihan PV Power Co. PJSC |
UAE | Power | Renewable | A-/Stable | bbb | 3 | bbb- | Moderate | GRE support (+2), Holistic (+1) | bbb | -- | |||||||||||||
|
North West Redwater Partnership |
Canada | Commodities and natural resources | Refinery | A-/Stable | bbb- | -- | -- | -- | Counterparty cap, GRE (+3) | bbb- | -- | |||||||||||||
|
NWR Financing Co. Ltd. |
Canada | Commodities and natural resources | Refinery | A-/Stable | bbb- | -- | -- | -- | Counterparty cap, GRE (+3) | bbb- | -- | |||||||||||||
|
Aspire Defence Finance PLC |
U.K. | Social infrastructure | Accommodation | A-/Negative | a- | 2 | bbb+ | Moderate | Holistic (+1) | a- | -- | |||||||||||||
|
Belfast Gas Transmission Financing PLC |
U.K. | Commodities and natural resources | Gas pipeline | A-/Negative | a- | 3 | -- | High (a-) | Rate to downside | a- | -- | |||||||||||||
|
Plenary Health Care Partnerships Humber L.P. |
Canada | Social infrastructure | Health care | A-/Negative | a- | 2 | a- | High | -- | a- | -- | |||||||||||||
|
High Speed Rail Finance (1) PLC |
U.K. | Transportation | Rail | BBB+/Positive | bbb+ | 4 | bbb+ | High (+1) | Debt structure (-1) | bbb+ | -- | |||||||||||||
|
Hospital Infrastructure Partners (NOH) Partnership |
Canada | Social infrastructure | Health care | BBB+/Positive | bbb+ | 2 | a- | High | Holistic (-1) | bbb+ | -- | |||||||||||||
|
Aerostar Airport Holdings LLC (two-phase assessment) |
U.S. | Transportation | Airport | BBB+/Stable | bbb+ | 4 | bbb+ | Moderate | -- | bbb+ | -- | |||||||||||||
|
Autopista del Sol Concesionaria Espanola S.A. |
Spain | Transportation | Road | BBB+/Stable | bbb+ | 5 | a- | High | Holistic (-1) | bbb+ | -- | |||||||||||||
|
Connect 6ix G.P. |
Canada | Transportation | Light rail | BBB+/Stable | bbb+ | 4 | bbb- | Very high (+2) | -- | bbb+ | bbb+ | |||||||||||||
|
CSolar IV South LLC |
U.S. | Power | Renewable | BBB+/Stable | bbb+ | 3 | bbb | High (+1) | -- | bbb+ | -- | |||||||||||||
|
Louisville Arena Authority Inc. |
U.S. | Social infrastructure | Sports facility | BBB+/Stable | bbb+ | 3 | a- | High | Holistic (-1) | bbb+ | -- | |||||||||||||
|
Mexico Generadora de Energia S. de R.L. |
Mexico | Power | Power | BBB+/Stable | bbb+ | 4 | bbb+ | High (+1) | CDA cap (bbb+) | bbb+ | -- | |||||||||||||
|
Newcastle Coal Infrastructure Group Pty Ltd. |
Australia | Transportation | Ports | BBB+/Stable | bbb+ | 5 | a- | High | Holistic (-1) | bbb+ | -- | |||||||||||||
|
Nouvelle Autoroute 30 S.E.N.C. (A30 Express) |
Canada | Transportation | Road | BBB+/Stable | bbb+ | 4 | bbb | High (+1) | -- | bbb+ | -- | |||||||||||||
|
Plenary Properties NDC G.P. |
Canada | Social infrastructure | Data center | BBB+/Stable | bbb+ | 1 | bbb | Very high (+2) | Counterparty cap (bbb+) | bbb+ | -- | |||||||||||||
|
Rowville Transmission Facility Pty Ltd. |
Australia | Power | Power | BBB+/Stable | bbb+ | 4 | a | High | Counterparty cap | bbb+ | -- | |||||||||||||
|
Sabine Pass Liquefaction LLC |
U.S. | Commodities and natural resources | LNG | BBB+/Stable | bbb+ | 5 | a- | High (No Impact) | Holistic analysis (-1) | bbb+ | -- | |||||||||||||
|
Services Support (Manchester) Ltd. |
U.K. | Social infrastructure | Emergency services | BBB+/Stable | bbb+ | 1 | -- | Moderate (bbb+) | Rate to downside | bbb+ | -- | |||||||||||||
|
Solaben Luxembourg S.A. |
Spain | Power | Renewable | BBB+/Stable | bbb+ | 5 | bbb | High (+1) | -- | bbb+ | -- | |||||||||||||
|
Tenaska Georgia Partners L.P. |
U.S. | Power | Gas generation | BBB+/Stable | bbb+ | 4 | a- | High (no impact) | No Impact | bbb+ | -- | |||||||||||||
|
Transportation Infrastructure Properties LLC |
U.S. | Transportation | Storage facility | BBB+/Stable | bbb+ | 5 | a- | Moderate (Capped at BBB+) | -- | bbb+ | -- | |||||||||||||
|
UMH Energy Partnership |
U.S. | Power | Renewable | BBB+/Stable | bbb+ | 4 | bbb+ | High (+1) | Counterparty cap (bbb+) | bbb+ | -- | |||||||||||||
|
Via Pribina AS |
Slovakia | Transportation | Road | BBB+/Stable | bbb+ | 2 | -- | High (a-) | Rate to downside, Holistic (-1) | bbb+ | -- | |||||||||||||
|
Westconnex Finance Company Pty Ltd. |
Australia | Transportation | Road | BBB+/Stable | bbb+ | 3 | a- | High | Structural protection (-1) | bbb+ | -- | |||||||||||||
|
Ruwais Power Co. PJSC (Shuweihat 2) |
UAE | Power | Power and desalination | BBB+/Stable | bbb- | 5 | bb | High (+2) | GRE support (+2) | bbb- | -- | |||||||||||||
|
Foundry JV HoldCo (Project Cream - Brookfield) |
U.S. | Other | Manufacturing | BBB+/Negative | bbb+ | 3 | a | High (Rate to Downside) | Structual Protection (-1), Counterparty cap (bbb+) | bbb+ | bbb+ | |||||||||||||
|
Uliving@Essex Issuerco PLC |
U.K. | Social infrastructure | Accommodation | BBB+/Negative | bbb+ | 3 | bbb | High (+1) | -- | bbb+ | -- | |||||||||||||
|
ULivingAtHertfordshire |
U.K. | Social infrastructure | Accommodation | BBB+/Negative | bbb+ | 5 | bbb | High (+1) | -- | bbb+ | -- | |||||||||||||
|
Autopistas Metropolitanas de Puerto Rico LLC |
U.S. | Transportation | Road | BBB/Positive | bbb | 5 | bbb | High (+1) | Structual Protection (-1) | bbb | -- | |||||||||||||
|
Channel Link Enterprises Finance PLC |
U.K. | Transportation | Rail | BBB/Positive | bbb | 4 | bbb | Moderate | -- | bbb | -- | |||||||||||||
|
Elizabeth River Crossings Opco LLC |
U.S. | Transportation | Road | BBB/Positive | bbb | 6 | bbb | Moderate | -- | bbb | -- | |||||||||||||
|
Concesionaria Mexiquense S.A. de C.V. |
Mexico | Transportation | Road | BBB/Stable | a- | 5 | a- | High (0) | Debt structure (-2), Liquidity (+1), Future value (+1) | a- | -- | |||||||||||||
|
Fideicomiso 209635 Libramiento de Matehuala |
Mexico | Transportation | Road | BBB/Stable | a- | 5 | a | Very High (+1) | Liquidity (-1), Sovereign cap (bbb) | a | -- | |||||||||||||
|
Red de Carreteras de Occidente S.A.B. de C.V. |
Mexico | Transportation | Road | BBB/Stable | a- | 4 | bbb+ | High (+1) | -- | a- | -- | |||||||||||||
|
95 Express Lanes LLC (FredEx) - PABs |
U.S. | Transportation | Road | BBB/Stable | bbb | 7 | bbb | Moderate | Future value (+1), Structural Protection (-1) | bbb | bbb+ | |||||||||||||
|
AFCO Airport Real Estate Group LLC (two-phase assessment) |
U.S. | Transportation | Storage facility | BBB/Stable | bbb | 7 / 9 | bbb / bbb- | High (+1) / High (+2) | Holistic (-1) | bbb | -- | |||||||||||||
|
Ancora (OAHS) Pty Ltd. |
Australia | Social infrastructure | Health care | BBB/Stable | bbb | 3 | bbb | Moderate | -- | bbb | -- | |||||||||||||
|
Ancora (RCH) Pty Ltd. |
Australia | Social infrastructure | Health care | BBB/Stable | bbb | 2 | bbb- | Moderate | Holistic (+1) | bbb | -- | |||||||||||||
|
Buffalo Energy Infrastructure S.A. de C.V. |
Mexico | Power | Power | BBB/Stable | bbb | 5 / 9 | bbb+/bbb | Moderate (Neutral) / High (+1) | Structural protection (-1) | bbb | -- | |||||||||||||
|
Buffalo Energy Mexico Holdings S.A. de C.V. |
Mexico | Power | Power | BBB/Stable | bbb | 5 / 9 | bbb+/bbb | Moderate(0) / (High(+1) | Structural protection (-1) / (-1) | bbb / bbb | -- | |||||||||||||
|
Buffalo Energy S.A. de C.V. |
Mexico | Power | Power | BBB/Stable | bbb | 5 / 9 | bbb+/bbb | Moderate (Neutral) / High (+1) | Structural protection (-1) | bbb | -- | |||||||||||||
|
Celeo Redes Operacion Chile S.A. |
Chile | Power | Transmission | BBB/Stable | bbb | 3 | bbb- | Moderate (0) | Future value (+1) | bbb | -- | |||||||||||||
|
Cheniere Corpus Christi Holdings LLC |
U.S. | Commodities and natural resources | LNG | BBB/Stable | bbb | 5 | a- | Hight (No Impact) | Holistic analysis ((-1)) | bbb+ | bbb | |||||||||||||
|
Ciclo Combinado Tierra Mojada |
Mexico | Power | Power | BBB/Stable | bbb | 6 | bbb | High (+1) | -- | bbb | -- | |||||||||||||
|
Continental Wind LLC |
U.S. | Power | Renewables | BBB/Stable | bbb | 5 | bbb | No Impact | -- | bbb | -- | |||||||||||||
|
Dalrymple Bay Finance Pty Ltd. |
Australia | Transportation | Ports | BBB/Stable | bbb | 3 | a- | High | Debt structure (-1), Holistic (-1) | bbb | -- | |||||||||||||
|
Discovery Education PLC |
U.K. | Social infrastructure | Education | BBB/Stable | bbb | 1 | bbb | Moderate | -- | bbb | -- | |||||||||||||
|
East Slope Residencies PLC |
U.K. | Social infrastructure | Accommodation | BBB/Stable | bbb | 3 | bb+ | Moderate (+1) | Median (+1) | bbb | -- | |||||||||||||
|
Esentia Gas Enterprises S. de R.L. de C.V. |
Mexico | Commodities and natural resources | Gas pipeline | BBB/Stable | bbb | 3 | bbb+ | High (+1) | CDA cap (bbb) | bbb | -- | |||||||||||||
|
Hallett Hill No 2 Pty Ltd. |
Australia | Power | Renewable | BBB/Stable | bbb | 2 | a- | High | Counterparty cap | bbb | -- | |||||||||||||
|
Highway Management (City) Finance PLC |
U.K. | Transportation | Road | BBB/Stable | bbb | 2 | bbb | Moderate | -- | bbb | -- | |||||||||||||
|
Hospital Co. (QAH Portsmouth) Ltd. (The) |
U.K. | Social infrastructure | Health care | BBB/Stable | bbb | 2 | bbb | Moderate | -- | bbb | -- | |||||||||||||
|
ITR Concession Co. LLC |
U.S. | Transportation | Road | BBB/Stable | bbb | 3 | bbb | Moderate | -- | bbb | -- | |||||||||||||
|
Jets Stadium Development LLC |
U.S. | Social infrastructure | Sports facility | BBB/Stable | bbb | 5 | bbb | Moderate | -- | bbb | -- | |||||||||||||
|
Mexico City Airport Trust |
Mexico | Transportation | Airport | BBB/Stable | bbb | 4 | a- | High (0) | CDA cap (bbb) | bbb | -- | |||||||||||||
|
Millennium Parking Garages LLC |
U.S. | Other | Parking | BBB/Stable | bbb | 5 | bbb | Moderate | -- | bbb | -- | |||||||||||||
|
Mount Oswald Colleges LLP |
U.K. | Social infrastructure | Accommodation | BBB/Stable | bbb | 3 | bbb | Moderate | -- | bbb | -- | |||||||||||||
|
Northwestconnect G.P. |
Canada | Transportation | Road | BBB/Stable | bbb | 2 | bbb- | Moderate | Holistic (+1) | bbb | -- | |||||||||||||
|
Octagon Healthcare Funding PLC |
U.K. | Social infrastructure | Health care | BBB/Stable | bbb | 2 | bb+ | Moderate (+1) | Median (+1) | bbb | -- | |||||||||||||
|
Plenary Walsh Keystone Partners LLC |
U.S. | Transportation | Road | BBB/Stable | bbb | 1 | bbb- | High (+1) | -- | bbb | -- | |||||||||||||
|
Queens Ballpark Co. LLC |
U.S. | Social infrastructure | Sports facility | BBB/Stable | bbb | 7 | a- | Moderate (Rate to Downside at bbb+) | Structural Protection (-1) | bbb | -- | |||||||||||||
|
Solar Star Funding LLC |
U.S. | Power | Renewable | BBB/Stable | bbb | 3 | a- | Very High (+1) | Counterpart cap (bbb) | bbb | -- | |||||||||||||
|
Sonnedix Finance S.A. |
Spain | Power | Renewable | BBB/Stable | bbb | 3 | bbb- | High (+1) | -- | bbb | -- | |||||||||||||
|
St. James's Oncology Financing PLC |
U.K. | Social infrastructure | Health care | BBB/Stable | bbb | 2 | -- | Moderate (bbb) | Rate to downside | bbb | -- | |||||||||||||
|
Transform Schools (North Lanarkshire) Funding PLC |
U.K. | Social infrastructure | Education | BBB/Stable | bbb | 1 | bbb | Moderate (bbb) | Rate to downside | bbb | -- | |||||||||||||
|
Walsall Hospital Co. PLC (The) |
U.K. | Social infrastructure | Health care | BBB/Stable | bbb | 2 | -- | Moderate (bbb) | Rate to downside | bbb | -- | |||||||||||||
|
Yellowstone Energy L.P. |
U.S. | Power | Pet coke generation | BBB/Stable | bbb | 8 | bbb- | High (+1) | Counterparty cap (bbb) | bbb | -- | |||||||||||||
|
ENA Master Trust |
Panama | Transportation | Road | BBB/Negative | a- | 8 | bbb+ | High (+1) | Sovereign cap (bbb) | a- | -- | |||||||||||||
|
Aeropuerto Internacional de Tocumen S.A. |
Panama | Transportation | Airport | BBB/Negative | bbb | 6 | bb | Moderate (+1) | Median (+1), GRE (+1) | bbb- | -- | |||||||||||||
|
CE Oaxaca Cuatro, S. de R.L. de C.V. |
Mexico | Power | Renewable | BBB/Negative | bbb | 6 | bbb | High (0) | -- | bbb | -- | |||||||||||||
|
Enersol Solar Santa Lucia S.A. |
Spain | Power | Renewable | BBB/Negative | bbb | 3 | bbb | Moderate | -- | bbb | -- | |||||||||||||
|
FLNG Liquefaction 2 LLC |
U.S. | Commodities and natural resources | LNG | BBB/Negative | bbb | 5 | bbb- | High (+1) | -- | bbb | -- | |||||||||||||
|
FLNG Liquefaction 3 LLC |
U.S. | Commodities and natural resources | LNG | BBB/Negative | bbb | 5 | bbb- | High (+1) | -- | bbb | -- | |||||||||||||
|
Mobilinx Hurontario G.P. |
Canada | Transportation | Light rail | BBB/Negative | bbb | 4 | bbb | Very high (+2) | Capped by construction (bbb) | a- | bbb | |||||||||||||
|
Uliving@Essex3 LLP |
U.K. | Social infrastructure | Accommodation | BBB/Negative | bbb | 3 | bbb | Moderate | -- | bbb | -- | |||||||||||||
|
Planta de Reserva Fria de Generacion de Eten S.A. |
Peru | Power | Power | BBB-/Stable | a- | 4 | bbb | High (+1) | Liquidity (+1), Sovereign cap (bbb-) | a- | -- | |||||||||||||
|
Atlantica Transmision Sur S.A. |
Peru | Power | Transmission | BBB-/Stable | bbb+ | 3 | bbb+ | Moderate (0) | Sovereign cap (bbb-) | bbb+ | -- | |||||||||||||
|
Autovia de la Mancha S.A. |
Spain | Transportation | Road | BBB-/Stable | bbb- | 2 | a- | Moderate (cap) | Holistic (-1), Counterparty cap | bbb- | -- | |||||||||||||
|
Adani International Container Terminal Pte. Ltd. |
India | Transportation | Ports | BBB-/Stable | bbb- | 6 | bbb+ | Moderate | Debt structure (-1), Holistic (-1) | bbb- | -- | |||||||||||||
|
Alfa Transmisora de Energia S.A. |
Chile | Power | Transmission | BBB-/Stable | bbb- | 4 | bbb | Moderate (0) | -- | bbb- | -- | |||||||||||||
|
Amey Roads NI Financial PLC |
U.K. | Transportation | Road | BBB-/Stable | bbb- | 2 | bbb- | Moderate | -- | bbb- | -- | |||||||||||||
|
Bridging North America G.P. (Gordie Howe International Bridge Project) |
Canada | Transportation | Road | BBB-/Stable | bbb- | 3 | bbb- | Moderate | Holistic (+1) | bbb | bbb- | |||||||||||||
|
Brightline Trains Florida LLC (two-phase assessment) |
U.S. | Transportation | Rail | BBB-/Stable | bbb- | 11 / 10 | b / bbb- | High / Moderate | Phase 1 Rate to downside / Phase 2 Future value (+1), Holistic (-1) | bbb- | -- | |||||||||||||
|
Burrell College of Osteopathic Medicine LLC |
U.S. | Social infrastructure | Education | BBB-/Stable | bbb- | 5 | a- | Moderate (BBB+ Cap, chose BBB) | Structual Protection (-1) | bbb- | -- | |||||||||||||
|
BWP Issuer PLC |
U.K. | Social infrastructure | Prison | BBB-/Stable | bbb- | 2 | -- | Moderate (bbb-) | Rate to downside | bbb- | -- | |||||||||||||
|
BY Chelmer PLC |
U.K. | Social infrastructure | Health care | BBB-/Stable | bbb- | 2 | bb | Moderate (+1) | Median (+1) | bbb- | -- | |||||||||||||
|
Catalyst Healthcare (Romford) Financing PLC |
U.K. | Social infrastructure | Health care | BBB-/Stable | bbb- | 2 | bb+ | Moderate (+1) | -- | bbb- | -- | |||||||||||||
|
CFC--SA LLC (Grand Hyatt San Antonio) |
U.S. | Social infrastructure | Hotel | BBB-/Stable | bbb- | 9 | bb+ | Moderate (+1) | -- | bbb- | -- | |||||||||||||
|
Consort Healthcare (Mid Yorkshire) Funding PLC |
U.K. | Social infrastructure | Health care | BBB-/Stable | bbb- | 3 | bbb- | Moderate | -- | bbb- | -- | |||||||||||||
|
Consort Healthcare (Salford) PLC |
U.K. | Social infrastructure | Health care | BBB-/Stable | bbb- | 3 | -- | Moderate (bbb-) | Rate to downside | bbb- | -- | |||||||||||||
|
Denver Convention Center Hotel Authority |
U.S. | Social infrastructure | Hotel | BBB-/Stable | bbb- | 5 | bbb- | Moderate | -- | bbb- | -- | |||||||||||||
|
Exeltium S.A.S. |
France | Power | Power | BBB-/Stable | bbb- | 7 | -- | Moderate (bbb-) | Rate to downside | bbb- | -- | |||||||||||||
|
Freemens Common Village LLP |
U.K. | Social infrastructure | Accommodation | BBB-/Stable | bbb- | 3 | bbb- | Moderate | -- | bbb- | -- | |||||||||||||
|
George L. Smith II Georgia World Congress Center Authority (Atlanta Hilton Signia) |
U.S. | Social infrastructure | Hotel | BBB-/Stable | bbb- | 9 | bb+ | Moderate (+1) | -- | bbb- | -- | |||||||||||||
|
Greater Columbus Convention Center Hotel Expansion Project |
U.S. | Social infrastructure | Hotel | BBB-/Stable | bbb- | 8 | bbb- | Moderate | -- | bbb- | -- | |||||||||||||
|
Healthcare Support (North Staffs) Finance PLC |
U.K. | Social infrastructure | Health care | BBB-/Stable | bbb- | 2 | bbb- | Moderate | -- | bbb- | -- | |||||||||||||
|
Holyrood Student Accommodation PLC |
U.K. | Social infrastructure | Accommodation | BBB-/Stable | bbb- | 3 | bb- | High (+2) | Liquidity (-1), Holistic (+1), Median (+1) | bbb- | -- | |||||||||||||
|
Idaho College of Osteopathic Medicine LLC |
U.S. | Social infrastructure | Education | BBB-/Stable | bbb- | 7 | bbb | Moderate | Holistic (-1) | bbb- | -- | |||||||||||||
|
Indiana Convention Center Hotel Project |
U.S. | Social infrastructure | Hotel | BBB-/Stable | bbb- | 9 | bb+ | Moderate (+1) | -- | bbb- | -- | |||||||||||||
|
InspirED Education (South Lanarkshire) PLC |
U.K. | Social infrastructure | Education | BBB-/Stable | bbb- | 1 | bb+ | Moderate (+1) | -- | bbb- | -- | |||||||||||||
|
Kingston Student Living LLP |
U.K. | Social infrastructure | Accommodation | BBB-/Stable | bbb- | 5 | bbb- | Moderate | -- | bbb- | -- | |||||||||||||
|
NewHospitals (St. Helens and Knowsley) Finance PLC |
U.K. | Social infrastructure | Health care | BBB-/Stable | bbb- | 2 | -- | Modest (bb+) | Rate to downside, Holistic (+1) | bbb- | -- | |||||||||||||
|
Parque Eolico Kiyu S.A. |
Uruguay | Power | Power | BBB-/Stable | bbb- | 6 | bbb- | Moderate (0) | -- | bbb- | -- | |||||||||||||
|
Prime Energia SpA, EnfraGen Spain S.A.U., and EnfraGen Energia Sur S.A.U. |
Chile, Colombia & Panama | Power | Power | BBB-/Stable | bbb- | 6 / 7 | bbb | Moderate (0) | Counterparty (-1) | bbb- | -- | |||||||||||||
|
S4B (Issuer) PLC |
U.K. | Social infrastructure | Accommodation | BBB-/Stable | bbb- | 3 | bbb- | Moderate | -- | bbb- | -- | |||||||||||||
|
San Juan Cruise Port LLC |
U.S. | Transportation | Port | BBB-/Stable | bbb- | 8 | bb+ | Moderate (+1) | -- | bbb- | bbb- | |||||||||||||
|
Verdun Participation 2 S.A. |
France | Transportation | Road | BBB-/Stable | bbb- | 4 | bbb- | Moderate | Holistic (-1), Future value (+1) | bbb- | -- | |||||||||||||
|
Alta Wind Holdings LLC |
U.S. | Power | Renewable | BBB-/Negative | bbb- | 6 | bb+ | Moderate (+1) | -- | bbb- | -- | |||||||||||||
|
CE Oaxaca Dos S. de R.L. de C.V. |
Mexico | Power | Renewable | BBB-/Negative | bbb- | 6 | bbb- | Moderate (0) | -- | bbb- | -- | |||||||||||||
|
Tecnica Universal Solar S.A. |
Spain | Power | Renewable | BBB-/Negative | bbb- | 3 | bb | Moderate (+1) | Holistic (+1), Liquidity (-1), Median (+1) | bbb- | -- | |||||||||||||
|
Uliving@Essex2 Issuerco PLC |
U.K. | Social infrastructure | Accommodation | BBB-/Negative | bbb- | 3 | bb | Moderate (+1) | Median (+1) | bbb- | -- | |||||||||||||
|
WindMW GmbH |
Germany | Power | Renewable | BBB-/Negative | bbb- | 6 | bb+ | Moderate (+1) | - | bbb- | -- | |||||||||||||
|
Terminales Portuarios Euroandinos Paita S.A |
Peru | Transportation | Port | BB+/Positive | bb+ | 8 | bbb | Moderate (0) | Debt structure (-1), Holistic (-1) | bb+ | -- | |||||||||||||
|
Venture Global Calcasieu Pass LLC |
U.S. | Commodities and natural resources | LNG | BB+/Positive | bb+ | 5 | bbb- | (+1 notch) | Holistic analysis (-1) | bbb- | bb+ | |||||||||||||
|
Adani Green Energy Ltd. Restricted Group 2 |
India | Power | Renewable | BB+/Stable | bb+ | 3 | bbb | Moderate | Debt structure (-1), Counterparty cap | bb+ | -- | |||||||||||||
|
Austin Convention Center Enterprises Inc. |
U.S. | Social infrastructure | Hotel | BB+/Stable | bb+ | 9 | bb | Moderate (+1) | -- | bb+ | -- | |||||||||||||
|
Capital Hospitals (Issuer) PLC |
U.K. | Social infrastructure | Health care | BB+/Stable | bb+ | 3 | b+ | Moderate (+2) | Median (+1) | bb+ | -- | |||||||||||||
|
Catalyst Healthcare (Manchester) Financing PLC |
U.K. | Social infrastructure | Health care | BB+/Stable | bb+ | 3 | bbb- | Moderate | Debt structure (-1) | bb+ | -- | |||||||||||||
|
Catalyst Higher Education (Sheffield) PLC |
U.K. | Social infrastructure | Education | BB+/Stable | bb+ | 5 | b+ | Moderate (+2) | Median (+1) | bb+ | -- | |||||||||||||
|
Midland Cogeneration Venture L.P. |
U.S. | Power | Gas generation | BB+/Stable | bb+ | 5 | bb | Moderate (+1) | -- | bb+ | -- | |||||||||||||
|
MV24 Capital B.V. |
Brazil | Commodities and natural resources | Gas production platform | BB+/Stable | bb+ | 5 | bb | Moderate (+1) | CDA (+1) | bb+ | -- | |||||||||||||
|
Topaz Solar Farms LLC |
U.S. | Power | Renewable | BB+/Stable | bb+ | 3 | a- | Very High (+1) | Counterparty cap (bb+) | bb+ | -- | |||||||||||||
|
Desarrollos Empresariales Trafalgar S.A. |
Spain | Power | Renewable | BB+/Negative | bb+ | 3 | b+ | Moderate (+2) | Median (+1), Liquidity (-1), Holistic (+1) | bb+ | -- | |||||||||||||
|
Hypesol Solar Inversiones S.A.U. |
Spain | Power | Renewable | BB+/Negative | bb+ | 5 | b+ | Moderate (+2) | Median (+1), Liquidity (-1), Holistic (+1) | bb+ | -- | |||||||||||||
|
Generation Bridge Northeast LLC |
U.S. | Power | Gas / oil generation | BB/Stable | bb | 9 | bb+ | Moderate (+1) | Debt structure (-2) | bb | -- | |||||||||||||
|
Peterborough (Progress Health) PLC |
U.K. | Social infrastructure | Health care | BB/Stable | bb | 3 | b | Moderate (+2) | Median (+1) | bb | -- | |||||||||||||
|
Provident Group - Falcon Properties LLC |
U.S. | Social infrastructure | Hotel | BB/Stable | bb | 9 | b+ | Moderate (+2) | -- | bb | bbb- | |||||||||||||
|
UEP Penonome II S.A. |
Panama | Power | Power | BB/Stable | bb | 7 / 11 | b | Moderate (+2) | Holistic (+1) | bb | -- | |||||||||||||
|
Vast Infraestrutura S.A. |
Brazil | Commodities and natural resources | Oil transhipment terminal | BB/Stable | bb | 10 | bb | Moderate (+1) | Debt structure (-1) | bb | -- | |||||||||||||
|
Anselma Issuer S.A. |
Spain | Power | Renewable | BB/Negative | bb | 3 | b+ | Moderate (+2) | Median (+1), Liquidity Impact (-1) | bb | -- | |||||||||||||
|
Gemini HDPE LLC |
U.S. | Other | Industrial | BB/Negative | bb | -- | -- | -- | Credit substitution | bb | -- | |||||||||||||
|
Healthcare Support (Newcastle) Finance PLC |
U.K. | Social infrastructure | Health care | BB/Negative | bb | 3 | b+ | Moderate (+2) | Holistic (-1), Median (+1) | bb | -- | |||||||||||||
|
Toll Road Investors Partnership II L.P. |
U.S. | Transportation | Road | BB/Negative | bb | 3 | b | Moderate (+2) | Median (+1), Liquidity (+1), Holistic (-1) | bb | -- | |||||||||||||
|
Abilene Convention Center Hotel Development Corp. |
U.S. | Social infrastructure | Hotel | BB/CreditWatch Negative | bb | 9 | b | Modest (+1) | Median (+1), Holistic (+1) | bb | -- | |||||||||||||
|
Transjamaican Highway Ltd. |
Jamaica | Transportation | Road | BB-/Stable | a- | 6 | a- | High (0) | Sovereign cap (BB-) | a- | -- | |||||||||||||
|
Carroll County Energy LLC |
U.S. | Power | Gas generation | BB-/Stable | bb- | 10 | b+ | Low (+1) | Debt structure (-1), Holistic analysis (+1) | bb- | -- | |||||||||||||
|
Compass Power Generation LLC |
U.S. | Power | Gas generation | BB-/Stable | bb- | 9 | bb- | Moderate (+1) | Debt structure (-1), Structural Protection (-1), Holistic analysis (+1) | bb- | -- | |||||||||||||
|
Consort Healthcare (Birmingham) Funding PLC |
U.K. | Social infrastructure | Health care | BB-/Stable | bb- | 4 | b | Moderate (+2) | Median (+1), Holistic (-1) | bb- | -- | |||||||||||||
|
CPV Maryland LLC |
U.S. | Power | Gas generation | BB-/Stable | bb- | 10 | b+ | Modest (+1) | Debt structure (-1), Holistic analysis (+1) | bb- | -- | |||||||||||||
|
DirectRoute (Limerick) Finance DAC |
Ireland | Transportation | Road | BB-/Stable | bb- | 5 | b- | Moderate (+2) | Holistic (+1) | bb- | -- | |||||||||||||
|
Hamilton Projects Acquiror LLC |
U.S. | Power | Gas generation | BB-/Stable | bb- | 10 | b+ | Moderate (+2) | Debt structure (-1) | bb- | -- | |||||||||||||
|
Helix Gen Funding LLC |
U.S. | Power | Gas / oil generation | BB-/Stable | bb- | 10 | bb- | Moderate (+1) | Debt structure (-1) | bb- | -- | |||||||||||||
|
Invenergy Thermal Operating I LLC |
U.S. | Power | Gas generation | BB-/Stable | bb- | 10 | bb | Moderate (+1) | Debt structure (-1), Holistic analysis (-1), Counterparty cap (bb) | bb- | -- | |||||||||||||
|
Lackawanna Energy Center LLC |
U.S. | Power | Gas generation | BB-/Stable | bb- | 9 | b+ | Moderate (+2) | Debt structure (-1) | bb- | -- | |||||||||||||
|
Natgasoline LLC |
U.S. | Other | Industrial | BB-/Stable | bb- | 10 | bb | Moderate (+1) | Debt structure (-1), Structural protection (-1) | bb- | -- | |||||||||||||
|
North Queensland Export Terminal Pty Ltd. |
Australia | Transportation | Ports | BB-/Stable | bb- | 7 | bbb- | Moderate | Debt structure (-2), Holistic (-1) | bb- | -- | |||||||||||||
|
St. Joseph Energy Center LLC |
U.S. | Power | Gas generation | BB-/Stable | bb- | 10 | b+ | Modest (+1) | Debt structure (-1), Holistic analysis (+1) | bb- | -- | |||||||||||||
|
Central Nottinghamshire Hospitals PLC |
U.K. | Social infrastructure | Health care | BB-/Negative | bb- | 3 | b | Moderate (+2) | Median (+1), Liquidity (-1) | bb- | -- | |||||||||||||
|
Energean Israel Finance Ltd. |
Israel | Commodities and natural resources | Gas field | BB-/Negative | bb- | 8 | -- | Modest (bb-) | Rate to downside | bb- | -- | |||||||||||||
|
Leviathan Bond Ltd. |
Israel | Commodities and natural resources | Gas field | BB-/Negative | bb- | 8 | bbb | Moderate | Debt structure (-2), Counterparty cap | bb- | -- | |||||||||||||
|
Baltimore Hotel Corp. |
U.S. | Social infrastructure | Hotel | B+/Positive | b+ | 7 | b | Moderate (+2) | Holistic (-1) | b+ | -- | |||||||||||||
|
CountyRoute (A130) PLC |
U.K. | Transportation | Road | B+/Positive | b+ | 3 | -- | Modest | Rate to downside, Holistic (-1) | b+ | -- | |||||||||||||
|
Astoria Energy LLC |
U.S. | Power | Gas generation | B+/Stable | bb- | 10 | bb- | (+1 notch) | Debt structure (-1), Counterparty cap (bb+), Security Weakness (-1) | bb- | -- | |||||||||||||
|
Edgewater Generation LLC |
U.S. | Power | Gas generation | B+/Stable | b+ | 10 | b | Modest (+1) | -- | b+ | -- | |||||||||||||
|
EFS Cogen Holdings I LLC |
U.S. | Power | Gas generation | B+/Stable | b+ | 10 | b | Moderate (+2) | Debt structure (-1), Counterparty cap (bbb+) | b+ | -- | |||||||||||||
|
Oregon Clean Energy LLC |
U.S. | Power | Gas generation | B+/Stable | b+ | 10 | b | Modest (+1) | -- | b+ | -- | |||||||||||||
|
Ostregion Investmentgesellschaft Nr. 1 S.A. |
Austria | Transportation | Road | B+/Stable | b+ | 2 | b | Moderate (+2) | Liquidity (-1) | b+ | -- | |||||||||||||
|
Panoche Energy Center LLC |
U.S. | Power | Gas generation | B+/Negative | b+ | 6 | b- | Modest (+1) | Holistic analysis (+1) | b+ | -- | |||||||||||||
|
Parkway Generation LLC |
U.S. | Power | Gas generation | B+/Negative | b+ | 10 | b- | Modest (+1) | Refinancing Impact (bb+ cap), Holistic analysis (+1) | b+ | -- | |||||||||||||
|
Brightline East LLC 2024 (two-phase assessment) |
U.S. | Transportation | Rail | B/Stable | b | N/A / 10 | b+ / b | Low | Phase 1 Rate to downside / Phase 2 -- | b | -- | |||||||||||||
|
Eastern Power LLC |
U.S. | Power | Gas / oil generation | B/Stable | b | 10 | b- | Low | Holistic analysis (+1) | b | -- | |||||||||||||
|
Inter Media and Communication SpA |
Italy | Other | Sports media | B/Stable | b | 11 | b | Low | -- | b | -- | |||||||||||||
|
Kestrel Acquisition LLC |
U.S. | Power | Gas generation | B/Stable | b | 10 | b | No Impact | -- | b | -- | |||||||||||||
|
Conroe Local Government Corp. |
U.S. | Social infrastructure | Hotel | B/Negative | b | 9 | b- | Modest (+1) | -- | b | -- | |||||||||||||
|
CPV Shore Holdings LLC |
U.S. | Power | Gas generation | B/Negative | b | 10 | b- | Low (No Impact) | Holistic analysis (+1) | b | -- | |||||||||||||
|
FSL Issuer S.A.U. |
Spain | Power | Renewable | B/Negative | b | 4 | b- | Moderate (+2) | Median (+1), Liquidity (-2) | b | -- | |||||||||||||
|
Lightstone HoldCo LLC |
U.S. | Power | Gas / coal generation | B-/Positive | b- | 10 | b | No Impact | Holistic analysis (-1) | b- | -- | |||||||||||||
|
Baytown Convention Center Hotel |
U.S. | Social infrastructure | Hotel | B-/Negative | b- | 9 | b- | Low | -- | b- | -- | |||||||||||||
|
Nautilus Power LLC |
U.S. | Power | Gas generation | B-/Negative | b- | 10 | b- | Low (No Impact) | Refinancing Impact (b+ cap) | b- | -- | |||||||||||||
|
ENA Norte Trust |
Panama | Transportation | Road | CCC+/Stable | -- | 8 | a- | Low (cap at b-) | -- | b- | -- | |||||||||||||
|
Revere Power LLC |
U.S. | Power | Gas generation | CCC+/Stable | -- | 10 | -- | -- | -- | -- | -- | |||||||||||||
|
Coventry & Rugby Hospital Co. PLC (The) |
U.K. | Social infrastructure | Health care | CCC+/Negative | -- | 3 | -- | -- | -- | -- | -- | |||||||||||||
|
Elwood Energy LLC |
U.S. | Power | Gas generation | CCC+/Negative | -- | 10 | -- | -- | -- | -- | -- | |||||||||||||
|
Rutas de Lima S.A.C. |
Peru | Transportation | Road | CCC+/Negative | -- | 6 | b- | Low (0) | Holistic (-1) | b- | -- | |||||||||||||
|
West Deptford Energy Holdings LLC |
U.S. | Power | Gas generation | CCC/CreditWatch Negative | -- | 10 | -- | -- | -- | -- | -- | |||||||||||||
|
Consort Healthcare (Tameside) PLC |
U.K. | Social infrastructure | Health care | CCC-/CreditWatch Negative | -- | 3 | -- | -- | -- | -- | -- | |||||||||||||
|
Desarrollos Eolicos Mexicanos de Oaxaca 1 S.A.P.I. de C.V. |
Mexico | Power | Renewable | D | -- | 6 | -- | -- | -- | -- | -- | |||||||||||||
|
Inversiones Latin America Power Limitada |
Chile | Power | Renewable | D | -- | 8 | -- | -- | -- | -- | -- | |||||||||||||
| SACP--Stand-alone credit profile. OPBA--Operations phase business assessment. LNG--Liquefied natural gas. N/A/--Not applicable. | ||||||||||||||||||||||||
Table 2
| Credit guaranteed projects | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | Country | Sector | Subsector | Project credit rating | SPUR | Project SACP | OPBA | Prelim ops SACP | Resiliency | Modifiers | Operations phase SACP | Construction phase SACP | ||||||||||||||
|
Exchequer Partnership (No. 2) PLC |
U.K. | Social infrastructure | Office | AA/Stable | a+/Stable | a+ | 1 | a | Very high (+1) | -- | a+ | -- | ||||||||||||||
|
Integrated Accommodation Services PLC |
U.K. | Social infrastructure | Accommodation | AA/Stable | a+/Stable | a+ | 1 | a | Very high (+1) | -- | a+ | -- | ||||||||||||||
|
Keele Residential Funding PLC |
U.K. | Social infrastructure | Accommodation | AA/Stable | a/Stable | a | 1 | a | High | -- | a | -- | ||||||||||||||
|
MPC Funding Ltd. |
Australia | Social infrastructure | Public infrastructure | AA/Stable | a/Stable | a | 1 | bbb | Very high (+2) | Holistic (+1) | a | -- | ||||||||||||||
|
Hospital Co. (Swindon & Marlborough) Ltd. (The) |
U.K. | Social infrastructure | Health care | AA/Stable | a-/Stable | a- | 1 | bbb+ | High (+1) | -- | a- | -- | ||||||||||||||
|
Solutions 4 North Tyneside (Finance) PLC |
U.K. | Social infrastructure | Accommodation | AA/Stable | a-/Stable | a- | 1 | bbb+ | High (+1) | -- | a- | -- | ||||||||||||||
|
Sustainable Communities for Leeds (Finance) PLC |
U.K. | Social infrastructure | Accommodation | AA/Stable | a-/Stable | a- | 1 | bbb+ | High (+1) | -- | a- | -- | ||||||||||||||
|
Aspire Defence Finance PLC |
U.K. | Social infrastructure | Accommodation | AA/Stable | a-/Negative | a- | 2 | bbb+ | Moderate | Holistic (+1) | a- | -- | ||||||||||||||
|
Belfast Gas Transmission Financing PLC |
U.K. | Commodities and Natural Resources | Gas pipeline | AA/Stable | a-/Negative | a- | 3 | -- | High (a-) | Rate to downside | a- | -- | ||||||||||||||
|
Louisville Arena Authority Inc. |
U.S. | Social infrastructure | Sports facility | AA/Stable | bbb+/Stable | bbb+ | 3 | a- | High | Holistic (-1) | bbb+ | -- | ||||||||||||||
|
Uliving@Essex Issuerco PLC |
U.K. | Social infrastructure | Accommodation | AA/Stable | bbb+/Negative | bbb+ | 3 | bbb | High (+1) | -- | bbb+ | -- | ||||||||||||||
|
Ancora (OAHS) Pty Ltd. |
Australia | Social infrastructure | Health care | AA/Stable | bbb/Stable | bbb | 3 | bbb | Moderate | -- | bbb | -- | ||||||||||||||
|
East Slope Residencies PLC |
U.K. | Social infrastructure | Accommodation | AA/Stable | bbb/Stable | bbb | 3 | bb+ | Moderate (+1) | Median (+1) | bbb | -- | ||||||||||||||
|
Highway Management (City) Finance PLC |
U.K. | Transportation | Road | AA/Stable | bbb/Stable | bbb | 2 | bbb | Moderate | -- | bbb | -- | ||||||||||||||
|
Hospital Co. (QAH Portsmouth) Ltd. (The) |
U.K. | Social infrastructure | Health care | AA/Stable | bbb/Stable | bbb | 2 | bbb | Moderate | -- | bbb | -- | ||||||||||||||
|
Jets Stadium Development LLC |
U.S. | Social infrastructure | Sports facility | AA/Stable | bbb/Stable | bbb | 5 | bbb | Moderate | -- | bbb | -- | ||||||||||||||
|
Mount Oswald Colleges LLP |
U.K. | Social infrastructure | Accommodation | AA/Stable | bbb/Stable | bbb | 3 | bbb | Moderate | -- | bbb | -- | ||||||||||||||
|
Octagon Healthcare Funding PLC |
U.K. | Social infrastructure | Health care | AA/Stable | bbb/Stable | bbb | 2 | bb+ | Moderate (+1) | Median (+1) | bbb | -- | ||||||||||||||
|
Queens Ballpark Co. LLC |
U.S. | Social infrastructure | Sports facility | AA/Stable | bbb/Stable | bbb | 7 | a- | Moderate (Rate to Downside at bbb+) | Structural Protection (-1) | bbb | -- | ||||||||||||||
|
St. James's Oncology Financing PLC |
U.K. | Social infrastructure | Health care | AA/Stable | bbb/Stable | bbb | 2 | -- | Moderate (bbb) | Rate to downside | bbb | -- | ||||||||||||||
|
Transform Schools (North Lanarkshire) Funding PLC |
U.K. | Social infrastructure | Education | AA/Stable | bbb/Stable | bbb | 1 | bbb | Moderate (bbb) | Rate to downside | bbb | -- | ||||||||||||||
|
Walsall Hospital Co. PLC (The) |
U.K. | Social infrastructure | Health care | AA/Stable | bbb/Stable | bbb | 2 | -- | Moderate (bbb) | Rate to downside | bbb | -- | ||||||||||||||
|
Enersol Solar Santa Lucia S.A. |
Spain | Power | Renewable | AA/Stable | bbb/Negative | bbb | 3 | bbb | Moderate | -- | bbb | -- | ||||||||||||||
|
Uliving@Essex3 LLP |
U.K. | Social infrastructure | Accommodation | AA/Stable | bbb/Negative | bbb | 3 | bbb | Moderate | -- | bbb | -- | ||||||||||||||
|
Autovia de la Mancha S.A. |
Spain | Transportation | Road | AA/Stable | bbb-/Stable | bbb- | 2 | a- | Moderate (cap) | Holistic (-1), Counterparty cap | bbb- | -- | ||||||||||||||
|
Brightline Trains Florida LLC (two-phase assessment) |
U.S. | Transportation | Rail | AA/Stable | bbb-/Stable | bbb- | 11 / 10 | b / bbb- | High / Moderate | Phase 1 Rate to downside / Phase 2 Future value (+1), Holistic (-1) | bbb- | -- | ||||||||||||||
|
BWP Issuer PLC |
U.K. | Social infrastructure | Prison | AA/Stable | bbb-/Stable | bbb- | 2 | -- | Moderate (bbb-) | Rate to downside | bbb- | -- | ||||||||||||||
|
Catalyst Healthcare (Romford) Financing PLC |
U.K. | Social infrastructure | Health care | AA/Stable | bbb-/Stable | bbb- | 2 | bb+ | Moderate (+1) | -- | bbb- | -- | ||||||||||||||
|
Freemens Common Village LLP |
U.K. | Social infrastructure | Accommodation | AA/Stable | bbb-/Stable | bbb- | 3 | bbb- | Moderate | -- | bbb- | -- | ||||||||||||||
|
Healthcare Support (North Staffs) Finance PLC |
U.K. | Social infrastructure | Health care | AA/Stable | bbb-/Stable | bbb- | 2 | bbb- | Moderate | -- | bbb- | -- | ||||||||||||||
|
Holyrood Student Accommodation PLC |
U.K. | Social infrastructure | Accommodation | AA/Stable | bbb-/Stable | bbb- | 3 | bb- | High (+2) | Liquidity (-1), Holistic (+1), Median (+1) | bbb- | -- | ||||||||||||||
|
InspirED Education (South Lanarkshire) PLC |
U.K. | Social infrastructure | Education | AA/Stable | bbb-/Stable | bbb- | 1 | bb+ | Moderate (+1) | -- | bbb- | -- | ||||||||||||||
|
Kingston Student Living LLP |
U.K. | Social infrastructure | Accommodation | AA/Stable | bbb-/Stable | bbb- | 5 | bbb- | Moderate | -- | bbb- | -- | ||||||||||||||
|
NewHospitals (St. Helens and Knowsley) Finance PLC |
U.K. | Social infrastructure | Health care | AA/Stable | bbb-/Stable | bbb- | 2 | -- | Modest (bb+) | Rate to downside, Holistic (+1) | bbb- | -- | ||||||||||||||
|
S4B (Issuer) PLC |
U.K. | Social infrastructure | Accommodation | AA/Stable | bbb-/Stable | bbb- | 3 | bbb- | Moderate | -- | bbb- | -- | ||||||||||||||
|
Verdun Participation 2 S.A. |
France | Transportation | Road | AA/Stable | bbb-/Stable | bbb- | 4 | bbb- | Moderate | Holistic (-1), Future value (+1) | bbb- | -- | ||||||||||||||
|
Uliving@Essex2 Issuerco PLC |
U.K. | Social infrastructure | Accommodation | AA/Stable | bbb-/Negative | bbb- | 3 | bb | Moderate (+1) | Median (+1) | bbb- | -- | ||||||||||||||
|
Capital Hospitals (Issuer) PLC |
U.K. | Social infrastructure | Health care | AA/Stable | bb+/Stable | bb+ | 3 | b+ | Moderate (+2) | Median (+1) | bb+ | -- | ||||||||||||||
|
Catalyst Higher Education (Sheffield) PLC |
U.K. | Social infrastructure | Education | AA/Stable | bb+/Stable | bb+ | 5 | b+ | Moderate (+2) | Median (+1) | bb+ | -- | ||||||||||||||
|
Desarrollos Empresariales Trafalgar S.A. |
Spain | Power | Renewable | AA/Stable | bb+/Negative | bb+ | 3 | b+ | Moderate (+2) | Median (+1), Liquidity (-1), Holistic (+1) | bb+ | -- | ||||||||||||||
|
Hypesol Solar Inversiones S.A.U. |
Spain | Power | Renewable | AA/Stable | bb+/Negative | bb+ | 5 | b+ | Moderate (+2) | Median (+1), Liquidity (-1), Holistic (+1) | bb+ | -- | ||||||||||||||
|
Anselma Issuer S.A. |
Spain | Power | Renewable | AA/Stable | bb/Negative | bb | 3 | b+ | Moderate (+2) | Median (+1), Liquidity Impact (-1) | bb | -- | ||||||||||||||
|
DirectRoute (Limerick) Finance DAC |
Ireland | Transportation | Road | AA/Stable | bb-/Stable | bb- | 5 | b- | Moderate (+2) | Holistic (+1) | bb- | -- | ||||||||||||||
|
Central Nottinghamshire Hospitals PLC |
U.K. | Social infrastructure | Health care | AA/Stable | bb-/Negative | bb- | 3 | b | Moderate (+2) | Median (+1), Liquidity (-1) | bb- | -- | ||||||||||||||
|
FSL Issuer S.A.U. |
Spain | Power | Renewable | AA/Stable | b/Negative | b | 4 | b- | Moderate (+2) | Median (+1), Liquidity (-2) | b | -- | ||||||||||||||
|
Coventry & Rugby Hospital Co. PLC (The) |
U.K. | Social infrastructure | Health care | AA/Stable | ccc+/Negative | -- | 3 | -- | -- | -- | -- | -- | ||||||||||||||
|
Baglan Moor Healthcare PLC |
U.K. | Social infrastructure | Health care | AA/Stable | -- | -- | -- | -- | -- | Insurance wrap only | -- | -- | ||||||||||||||
|
Bridging Pennsylvania Developer I LLC |
U.S. | Transportation | Road | AA/Stable | -- | -- | -- | -- | -- | Insurance wrap only | -- | -- | ||||||||||||||
|
Brooklyn Events Center LLC |
U.S. | Social infrastructure | Sports facility | AA/Stable | -- | -- | -- | -- | -- | Insurance wrap only | -- | -- | ||||||||||||||
|
Criterion Healthcare PLC |
U.K. | Social infrastructure | Health care | AA/Stable | -- | -- | -- | -- | -- | Insurance wrap only | -- | -- | ||||||||||||||
|
Endeavour SCH PLC |
U.K. | Social infrastructure | Health care | AA/Stable | -- | -- | -- | -- | -- | Insurance wrap only | -- | -- | ||||||||||||||
|
JFK International Air Terminal LLC |
U.S. | Transportation | Airport | AA/Stable | -- | -- | -- | -- | -- | Insurance wrap only | -- | -- | ||||||||||||||
|
JFK NTO LLC |
U.S. | Transportation | Airport | AA/Stable | -- | -- | -- | -- | -- | Insurance wrap only | -- | -- | ||||||||||||||
|
LAX Integrated Express Solutions LLC |
U.S. | Transportation | Automated people mover | AA/Stable | -- | -- | -- | -- | -- | Insurance wrap only | -- | -- | ||||||||||||||
|
LCOR Alexandria LLC |
U.S. | Social infrastructure | Office | AA/Stable | -- | -- | -- | -- | -- | Insurance wrap only | -- | -- | ||||||||||||||
|
M6 Duna Autopalya Koncesszios Zrt. |
Hungary | Transportation | Road | AA/Stable | -- | -- | -- | -- | -- | Insurance wrap only | -- | -- | ||||||||||||||
|
Oakland Corridor Partners LLC |
U.S. | Transportation | Road | AA/Stable | -- | -- | -- | -- | -- | Insurance wrap only | -- | -- | ||||||||||||||
|
Yankee Stadium LLC |
U.S. | Social infrastructure | Sports facility | AA/Stable | -- | -- | -- | -- | -- | Insurance wrap only | -- | -- | ||||||||||||||
| SPUR--S&P underlying rating. OPBA--Operations phase business assessment. SACP--Stand-alone credit profile. Prelim ops--Preliminary operations. | ||||||||||||||||||||||||||
Table 3
| National scale projects in Brazil and Mexico | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Name | Country | Sector | Subsector | Project credit rating | Project SACP | OPBA | Prelim ops SACP | Resiliency | Modifiers | Operations phase SACP | Construction phase SACP | |||||||||||||
| Brazil | ||||||||||||||||||||||||
|
Cachoeira Paulista Transmissora de Energia S.A. |
Brazil | Power | Transmission | brAAA/Stable | -- | 2 | -- | Moderate | Median, Holistic, Sovereign cap | -- | -- | |||||||||||||
|
Manaus Transmissora de Energia S.A. |
Brazil | Power | Transmission | brAAA/Stable | -- | 3 | -- | Moderate | Median, Liquidity, Parent Cap, Sovereign cap | -- | -- | |||||||||||||
|
Norte Brasil Transmissora de Energia S.A. |
Brazil | Power | Transmission | brAAA/Stable | -- | 3 | -- | High | Median, Liquidity, Refinance Cap, Sovereign cap | -- | -- | |||||||||||||
|
UTE Pampa Sul S.A. |
Brazil | Power | Coal generation | brAAA/Negative | -- | 7 | -- | Moderate | -- | -- | -- | |||||||||||||
|
Pampa Transmissao de Energia S.A. |
Brazil | Power | Transmission | brAA+/Stable | -- | 3 | -- | Moderate | Holistic, Counterparty Cap | -- | -- | |||||||||||||
|
Igua Rio de Janeiro S.A. |
Brazil | Commodities and natural resources | Water utility | brAA+/CreditWatch Positive | -- | 6 | -- | Moderate | Holistic, Sovereign cap | -- | -- | |||||||||||||
|
Caldeirao Grande Energias Renovaveis S.A. |
Brazil | Power | Renewable | brAA/Stable | -- | 7 | -- | Modest | Liquidity, Future value | -- | -- | |||||||||||||
|
UTE GNA I Geracao de Energia S.A. |
Brazil | Power | Gas generation and LNG port | brA/Stable | -- | 6 | -- | Low | Holistic | -- | -- | |||||||||||||
|
Geradora Eolica Bons Ventos da Serra I S.A. |
Brazil | Power | Renewable | brBBB-/Negative | -- | 8 | -- | Low | Liquidity | -- | -- | |||||||||||||
|
Chapada do Piaui I Holding S.A. |
Brazil | Power | Renewable | brCCC-/CreditWatch Negative | -- | -- | -- | -- | -- | -- | -- | |||||||||||||
| Mexico | ||||||||||||||||||||||||
|
Tierra Mojada Luxembourg II S.a.r.l. |
Mexico | Power | Power | mxAAA/Stable | -- | 6 | -- | High (+1) | -- | -- | -- | |||||||||||||
|
Fideicomiso 1784 (Autopista Rio Verde y Libramiento La Piedad) |
Mexico | Transportation | Road | mxAAA/Stable | -- | 6 | -- | Very High | Future value, Sovereign cap | -- | -- | |||||||||||||
|
Fideicomiso 209635 Libramiento de Matehuala |
Mexico | Transportation | Road | mxAAA/Stable | -- | 5 | -- | Very High (+1) | Liquidity (-1), Sovereign cap (bbb) | -- | -- | |||||||||||||
|
Fideicomiso Autopista Monterrey-Cadereyta No. 3378 |
Mexico | Transportation | Road | mxAAA/Stable | -- | 6 | -- | High | -- | -- | -- | |||||||||||||
|
Fideicomiso No. 80698 (Periferico del Area Metropolitana de Monterrey) |
Mexico | Transportation | Road | mxAAA/Stable | -- | 5 | -- | Very High | Liquidity, Future value, Sovereign cap | -- | -- | |||||||||||||
|
Red de Carreteras de Occidente, S.A.B. de C.V. |
Mexico | Transportation | Road | mxAAA/Stable | -- | 4 | -- | High (+1) | -- | -- | -- | |||||||||||||
|
Fideicomiso No. 2227 (Periferico del Area Metropolitana de Monterrey) |
Mexico | Transportation | Road | mxAA+/Stable | -- | 5 | -- | High | Liquidity, Sovereign cap | -- | -- | |||||||||||||
|
Fideicomiso 1784 (Autopista Rio Verde y Libramiento La Piedad) |
Mexico | Transportation | Road | mxAA/Stable | -- | 3 | -- | High | Counterparty cap | -- | -- | |||||||||||||
|
Fideicomiso CIB/2076 (Autopista Rio Verde y Libramiento La Piedad) |
Mexico | Transportation | Road | mxAA-/Stable | -- | 6 | -- | Moderate | Debt structure | -- | -- | |||||||||||||
|
Organizacion de Proyectos de Infraestructura S.A.P.I. de C.V. |
Mexico | Transportation | Road | mxAA-/Stable | -- | 5 | -- | Modest | Liquidity, Future value | -- | -- | |||||||||||||
|
APP Coatzacoalcos Villahermosa S.A.P.I de C.V. |
Mexico | Transportation | Road | mxBBB+/Positive | -- | 2 | -- | High | Counterparty cap | -- | -- | |||||||||||||
|
Libramiento Plan del Rio |
Mexico | Transportation | Road | mxBBB+/Stable | -- | 5 | -- | Moderate | Debt structure, Liquidity | -- | -- | |||||||||||||
| SACP--Stand-alone credit profile. OPBA--Operations phase business assessment. Prelim ops--Preliminary operations. | ||||||||||||||||||||||||
Related Research
- General Project Finance Rating Methodology, Dec. 14, 2022
- Sector-Specific Project Finance Rating Methodology, Dec. 14, 2022
This report does not constitute a rating action.
| Primary Credit Analysts: | Gonzalo Cantabrana Fernandez, Madrid + 34 91 389 6955; gonzalo.cantabrana@spglobal.com |
| Pablo F Lutereau, Madrid + 34 (914) 233204; pablo.lutereau@spglobal.com | |
| Carolyn McLean, New York + 1 (212) 438 2383; carolyn.mclean@spglobal.com | |
| Secondary Contacts: | Abhishek Dangra, FRM, Singapore + 65 6216 1121; abhishek.dangra@spglobal.com |
| Richard M Langberg, New York + 1 (212) 438 0548; Richard.Langberg@spglobal.com | |
| Candela Macchi, Buenos Aires + 54 11 4891 2110; candela.macchi@spglobal.com | |
| Vishal H Merani, CFA, New York + 1 (212) 438 2679; vishal.merani@spglobal.com | |
| Karl Nietvelt, Paris + 33 14 420 6751; karl.nietvelt@spglobal.com | |
| Anne C Selting, San Francisco + 1 (415) 371 5009; anne.selting@spglobal.com | |
| Research Assistant: | Abhijay Malviya, London |
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