Research & Ratings: Infrastructure & Project Finance - Moody's

  • On 13 February 2012, Moody’s announced rating actions on a number of European Area governments, and on Wednesday 15 February we announced further actions on credits directly and indirectly affected by those rating actions.

    On 15 February 2012, Moody’s also announced rating actions on a number of large securities firms and banks with significant capital markets operations.

    Because of the large number of rating changes resulting from these actions, ratings appearing on this website may not yet reflect current information. For current information on European credits, please visit the EU Sovereign Crisis and Affected Credits Topic Page where we have published Special Comments explaining the rating actions on European governments and the credit consequences for other sectors. For current information on large securities firms and banking credits, please visit the Bank Ratings Topic Page.
      
    Due to a technical problem, ratings for certain US Public Finance ratings with state enhancement programs or terminated financial guaranty insurance policies may not be accurately displayed on this website at this time. For a list of the affected credits, see Select US Public Finance Ratings With State Enhancement Programs or Terminated Financial Guaranty Insurance Policies.  For assistance, please contact Client Services at 212.553.1653.
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KEY CONTACTS

Walter Winrow
Managing Director - Global Project and Infrastructure Finance
Walter.Winrow@moodys.com

William Coley
Group Credit Officer
William.Coley@moodys.com

Americas
William L. Hess
Managing Director - Utilities
William.Hess@moodys.com

Chee Mee Hu
Managing Director - Project Finance
CheeMee.Hu@moodys.com

EMEA
Monica Merli
Managing Director - Infrastructure Finance
Monica.Merli@moodys.com

Andrew Davison
Team Leader
Andrew.Davison@moodys.com

Asia-Pacific
Terry Fanous
Team Leader
Terry.Fanous@moodys.com

Infrastructure & Project Finance

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Moody's Global Infrastructure Finance Group combines the expertise of a global team of analysts with extensive backgrounds in Public Finance, Corporate Finance, and Structured Finance to rate debt issued by both public and private infrastructure and project finance issuers and electric, gas and water utilities. This includes project finance entities that are limited to a special purpose by law, regulation, or contracts; infrastructure projects and enterprises financed in the U.S. tax-exempt market; and all corporate infrastructure and utility companies. Our approach allows market participants to benefit from a globally consistent and transparent methodological approach to assessing credit risk across the entire asset class.

Highlights

  • 21 Feb 2012
    • US power projects likely to see increased strategic activity
      Our outlook for fully contracted US power projects is stable: Properly structured off-take agreements with creditworthy counterparties are resulting in steady financial metrics and strong operational performance. But our outlook for merchant power projects is negative: Forward natural gas prices have fallen 25-30% over the last year, and declines in energy margins and capacity prices will pressure merchant cash flows over the next 12-18 months... Press Release l Full Report
  • 16 Feb 2012
    • Ratings of European infrastructure and utilities companies adjusted following action on sovereign ratings
      We have taken action on infrastructure and utilities companies, most of which are government-related issuers (GRIs), domiciled in Italy, Portugal, Slovakia, Spain and the UK further to our rating adjustments of those countries’ sovereign ratings... Full Report l Related Press Releases
  • 1 Feb 2012
    • Default and recovery study highlights resilience of project finance loans
      The study reveals that marginal annual default rates for project finance bank loans are consistent with high non-investment-grade credit quality during the initial three-year period following financial close. However, default rates fall significantly after this period, trending towards marginal default rates that are consistent with single-A category ratings by year 10 from financial close. This is significantly different from the marginal annual default rates observed for corporate issuers, which are broadly stable... Full Report l Press Release
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