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Infrastructure & Project Finance

Global Home > Infrastructure & Project Finance

Credit Hotspot: Brexit

Latest: Fitch Ratings Sees Protection for CLEF and Getlink in Brexit Standstill

Outlooks 2019

US Transportation May See Some Softening in 2019

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

Experience Credit Outlooks 2019

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

 

View Credit Outlooks 2019 for Infrastructure

Government Proposal Leaves Mixed Picture of Mexico City Airport

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

why forum

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

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

Driverless Cars Leave Parking Assets at Risk

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

Protectionism Cuts EMEA Transport Infrastructure Visibility

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

Technical Advisors Critical for Project Finance

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

Transportation Faces a Decade of Change

Transportation is largely in healthy shape heading into next year with some interesting developments that could shape how infrastructure is developed and how people travel over time

rating action

Mexico City's Airport Trust Sr Secured Notes on Rating Watch Negative

The Rating Watch Negative reflects the uncertainty following the outcome of the public consultation by Mexico's president-elect Lopez Obrador, which overwhelmingly voted to refurbish the current Mexico City and Toluca airports, build two runways on the Santa Lucia military base, and suspend construction of Mexico City's New Airport located in Texcoco.

New Technology Disrupting Sports Broadcasters and Leagues

New technology is helping to democratise the availability of sports content and fragment broadcast rights. This may have negative implications for traditional broadcasters, and sports leagues and clubs, but there is no immediate rating impact as trends are only emerging and the exact impact on credit profiles is unclear.

Why Michigan's Infrastructure Plan May Be The Pace Car For The Country

Cherian George, head of Fitch Ratings' North American Public Finance and Infrastructure ratings team, discusses with Forbes how Michigan's plan for advancing infrastructure in the state may be emulated by other municipalities over time.

EMEA Subsidy-Free Renewables Projects Gain Momentum

Capital costs of renewable energy projects have dropped significantly in the past several years, making subsidy-free schemes a viable option in the 2020s in Europe. Merchant projects that rely on market prices and volumes are riskier and require lower leverage to achieve equivalent ratings to subsidised projects. 

U.S. Transportation Growth Outweighs Rate Hikes

All three major U.S. transportation segments are looking at continued healthy growth in the coming months even with the prospect of further interest rate hikes, according to Fitch Ratings in its latest annual report.
 

U.S. Airport Debt Shielded from Muni Bankruptcy Risk

The district court ruling issued earlier this year in a bankruptcy case on Puerto Rico Highway and Transportation Authority issued debt is unlikely to have credit implications for U.S. airport revenue bonds issued by public agencies and municipal governments.

Technology, Supply Differentiate Energy-from-Waste Projects

Specific technology and supply risks differentiate energy-from-waste (EfW) projects from other thermal power projects in their credit assessment, says Fitch Ratings in a new report. Furthermore, although typical EfW facilities benefit from multiple revenue streams, it is less likely that Fitch will assess their revenue risk factor as "Stronger".

Minimal Roadblocks for U.S. Toll Roads

U.S. toll road performance continues to coast along despite idiosyncratic weaknesses affecting two rated toll roads, according to Fitch Ratings in its latest U.S. Toll Roads Peer Review.

FAA Reauthorization Keeps Funding Status Quo for U.S. Airports

The newly passed FAA Reauthorization Act of 2018 is not likely to lead to any great changes for U.S. airport finances. Signed into law by the President last week, the FAA Reauthorization was passed by strong bipartisan approval in both Houses of Congress. The FAA Reauthorization will provide some measure of stability for aviation funding and modernize aviation regulations and processes needed by many stakeholders. 

League Parity Outweighs Media Rights in US Versus EU Sports

US sports leagues create more uniform conditions for teams than European ones do. They do this through the absence of relegation, a more equal distribution of broadcast revenues, meaningful league support of teams, fair player acquisition rules and stringent salary caps. 

Primera Failure Has Little Impact on Rated EMEA Airports

Budget airline Primera Air's announcement this week that it is filing for bankruptcy will have little impact on rated EMEA airports, including Stansted airport and its parent company, Manchester Airport Group (MAG). This is due to the airline's small contribution to the overall passenger traffic at the airports and its minimal impact on their financial results. 
 

Eagle P3 Project Lawsuit Unlikely to Have Ratings Impact

Denver Transit Partners (DTP), the concessionaire on the Eagle P3 Project (the Project), recently filed a lawsuit against the grantor of the concession, Regional Transportation District (RTD), seeking monetary damages tied to on-going delays and an extension of the G Line revenue service deadline, but this is not likely to have a ratings effect, according to Fitch Ratings.

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Cherian George

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Saavan Gatfield

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