Last year was a year of change in sentiment, interest rates, and stock markets. After substantial gains in the first half of 2018, most stock markets retreated on fears of the trade conflict between the U.S. and China, as well as fears of rising interest rates and geopolitical risks like Brexit. The FTSE All-World Index Stock Market Index retreated 12% for the year after a gain of 25% in 2017, with higher declines in China, Korea, Japan, and the European markets. The S&P 500® was down about 7%, but U.S. markets have seen a marked pick up in volatility, with more than 64 days in which the markets moved at least 1% up or down compared with eight times the year before.
The Federal Reserve finished the year with a fourth rate hike to a range of 2%-2.25%, with the Bank of Canada also raising rates while other regions, including Europe, China, and Australia, stayed steady.
Government debt has continued to grow in most countries. There are some signs that the long period of slow but sustained growth since 2009 is showing signs of old age and we might be reaching a turn in the economic cycle.
This environment of uncertainty has also been affected by political change, with a new government in Mexico cancelling substantial infrastructure work at the New Mexico City International Airport project, Spain looking to refinance and then auction nine toll roads that had previously filed for bankruptcy and the Chinese Belt and Road Initiative continuing to fund projects in many African and central Asian countries. The cost of solar and wind generation continues to fall, and legislative support for renewable energy continues to grow in many parts of the world.
Project Review
In this environment of change, S&P Global Ratings has seen its project finance ratings remain fairly stable in number, with 253 distinct entities as of Jan. 30, 2019, compared with 257 when it last published an industry report card for project finance in 2017 (In May 2017, 246 public rated projects were in the group. However, we moved a number of projects into project finance from public finance following changes in criteria, so the actual number of ratings, including the transferred projects, was 257.)
The number of projects we rate is larger at 300 distinct issuers, because some issuers choose to maintain private rather than public ratings. Our infrastructure team also covers a larger number of corporate entities in the power, midstream, transport, and social infrastructure industries. (Note that in the case of joint issuers of pari passu debt, we count this as one issuer while holding companies with different ratings count as a separate issuer of debt.)
About one-third of the rated group remains in the power and renewables space, but this has fallen to 31% at the end of January 2019 from 36% in May 2017. Social infrastructure has grown by 1% to 32% of the group while transport has grown by 2% to 25% during the same time. Oil and gas projects are almost 10% of the group and the remainder is spread among industrial, mining, and oil and gas projects.
We've seen the U.S. portion of the rated entities decline to 34% from 39% in the last review, with growth coming from Europe and the Middle East (now totaling 31%, up 3%) and Latin America (20%, up 3%), with Canada and Asia Pacific relatively stable.
Since May 2017, we saw 31 new ratings and 36 that either reached debt maturity or were withdrawn (due to a refinancing, at issuer request, or due to a default). Of the other credits that were rated in May 2017 and at the start of 2019, 40 were upgraded while 21 were downgraded.
Upgrades have come from either improvement in operating costs, better revenue margins, improvement in the credit strength of counterparties that had previous capped the rating on a project, or completion of project construction when we assessed construction as a higher risk period than operations.
The downgrades were also split between declining coverage levels due to decay in operations (costs up or declining revenues) and those due to counterparty exposure. There were two notable groups of downgrades during the past year and a half:
- A number of power projects in the U.S., particularly the Electric Reliability Council of Texas power region in Texas, saw weakening debt service coverage and ratings. Low natural gas prices and increased renewable penetration have led to weak market prices in this region. We have since withdrawn some of the ratings on these projects.
- In the past two months, we've lowered the ratings on Topaz Solar Farms, Crockett Cogeneration, and Panoche Energy Center to 'CCC+' from investment grade. They are contracted power projects but have long-term contracts with PG&E, which has recently entered bankruptcy, putting their energy contracts into question.
The low investment grade area remains the sweet spot for project finance, with 50% of the group in the 'BBB' category, 22% in the 'A' category, 17% in the 'BB' category, and 10% in the 'B' category; the remaining 3% are 'AA' or in the 'CCC' or 'CC' categories. (Note that the 'BBB' category reflects the S&P underlying rating for the project and does not include the impact of any insurance wraps that could raise the debt ratings).
Sector distribution
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Chart 2
Geographic distribution
Chart 3
Chart 4
Rating distribution
Chart 5
Chart 6
Issuer Review
Table 1
| Issuer Review | ||
|---|---|---|
| Name | Rating | Country |
| Industrial | ||
|
Aquasure Finance Pty Ltd. |
BBB+ | Australia |
| Aquasure Finance Pty Ltd. is the financing vehicle of Aquasure Pty. Ltd. (Aquasure), the project company that is responsible for the design, construction, financing, operation, and maintenance of the Victorian desalination plant under a public-private partnership (PPP) with the Australian state of Victoria, expiring in September 2039. Construction of the plant was completed in late 2012, and the plant is now operational and capable of delivering more than 170 gigaliters (GL) per year. Under the contract with the Victorian state government, Aquasure has committed to delivering a set volume of desalinated water between zero and 150 GL (as ordered by the state by April 1 for the following July 1 to June 30 supply period) and, in return, receives monthly payments from the state, split into a water security payment (linked to availability) and a water usage payment. | ||
|
DTE Energy Center LLC |
A | U.S. |
| DTE Energy Center LLC (DTEEC) owns a portfolio of utility assets that it bought from an affiliate of FCA US LLC (formerly Chrysler Group LLC). DTEEC has also entered eight substantially similar utility services agreements (USAs) with FCA's affiliate, Utility Assets LLC, under which DTEEC provides utility support services at FCA facilities in Toledo, Ohio; Kokomo, Ind.; and Detroit, Sterling Heights, and Warren, Mich. Daimler North America Corp. (DNAC) created Utility Assets to facilitate this transaction. Following the Chrysler bankruptcy, FCA US LLC assumed and assigned the USAs. DNAC provides an unconditional guarantee to honor all of FCA's payment obligations, including those needed to service debt (regardless of whether the manufacturing facilities are in operation). DTEEC is indirectly 50% owned by DTE Energy Services Inc., an indirect, wholly owned subsidiary of DTE Energy Co.; and 50% by an affiliate of Commerzbank AG. | ||
|
Gemini HDPE LLC |
BB | U.S. |
| Gemini HDPE LLC is a 50/50 joint venture between Ineos AG and Sasol Ltd. via wholly owned indirect subsidiaries Ineos Gemini HDPE Holding Co. LLC and Sasol Chemicals North America LLC. 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 plant in La Porte, Texas. | ||
|
Iowa Fertilizer Co. LLC |
B | U.S. |
| OCI N.V. completed construction in 2017 and is now operating a nitrogen-based fertilizer production facility. IFCo, a wholly owned indirect project subsidiary of OCI N.V., is undertaking the project. The plant's final sellable nitrogen products include a total of 1.7 million to 2.2 million short tons of ammonia, urea, urea ammonium nitrate, and diesel exhaust fluid. | ||
|
Metropolitan Biosolids Management LLC |
BBB | U.S. |
| Metropolitan Biosolids Management LLC (MBM) is a special-purpose entity that was formed to build and operate, under a 20-year service agreement, an "inside-the-fence" facility that processes wastewater sludge from the Metropolitan Water Reclamation District of Greater Chicago (the district). The Village of Hodgkins, Ill. issued MBM's $53.4 million revenue bonds for the facility's construction. The project is co-located on about three acres of the district's 560-acre Stickney Water Reclamation Plant. The project also benefits from a guarantee of the performance of its operator from Veolia Environnement S.A., and the rating is driven by that of Veolia. | ||
| Natural Resources/Mining | ||
|
Adani Abbot Point Terminal Pty Ltd. |
BBB- | Australia |
| Adani Abbot Point Terminal Pty. Ltd. is the special-purpose entity responsible for the operational activities of Abbot Point Coal Terminal (APCT) and has issued debt to fund APCT. APCT is located 25 kilometers 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 year that is substantially contracted under 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. | ||
|
DBCT Finance Pty Ltd. |
BBB | Australia |
| Located near Mackay, in the Australian state of Queensland, Dalrymple Bay Coal Terminal is currently the third-largest bulk-export coal terminal in the world, handling about 22% 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 kilometer jetty, three ship loaders, and a stockyard covering about 77 hectares. Terminal operations, which are largely automated, are contracted to, and so the responsibility of, DBCT Pty Ltd., the operating company owned by the majority of the users of the coal terminal (mining companies). | ||
|
NCIG Holdings Pty Ltd. |
B+ | Australia |
| NCIG Holdings Pty Ltd is the parent company of Newcastle Coal Infrastructure Group Pty Ltd (NCIG) and has issued junior debt that is structurally subordinated to NCIG's senior secured debt. | ||
|
Newcastle Coal Infrastructure Group Pty Ltd |
BBB | Australia |
| 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 year. It is fully contracted under 10-year, evergreen ship-or-pay contracts. NCIG began operations in 2010 under a lease from Newcastle Port that expires in 2043 and holds a 10-year extension option. NCIG is mutually owned by most of its shippers. | ||
| Oil & Gas | ||
|
Abu Dhabi Crude Oil Pipeline |
AA | Abu Dhabi |
| The limited-purpose entity Abu Dhabi Crude Oil Pipeline LLC (ADCOP) owns the 405-kilometer operational pipeline in the United Arab Emirates (UAE) that carries crude oil from Abu Dhabi's strategic onshore crude oil collection center at Habshan to an oil export terminal in Fujairah port, which 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 also provides operations and maintenance (O&M) under a 37-year contract that 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. | ||
|
Alliance Pipeline L.P./Alliance Pipeline L.P. (Canada) |
BBB+ | U.S. |
| The Alliance Pipeline system is a 2,391-mile natural gas interstate pipeline project, with 535 miles of laterals, extending from the Western Canadian Sedimentary Basin in northeastern British Columbia and northwestern Alberta to the Chicago Market Hub. The system consists of two limited partnerships: Alliance U.S. is owned by an affiliate of Enbridge Inc. (50%; BBB+/Stable/A-2) and an affiliate of Pembina Pipeline Corp. (50%; BBB/Stable/--). Alliance Canada is also owned in equal part by affiliates of those two companies. The two partnerships own portions of the undivided pipeline and rely on capacity contracts for the bulk of revenue. Cross-default provisions between the two partnerships mean that their financial profiles depend on one another. | ||
|
Belfast Gas Transmission Financing PLC |
A | U.K. |
| 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 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 Scotland-Northern Ireland Pipeline (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. | ||
|
Cameron LNG LLC |
A | U.S. |
| Cameron LNG LLC is a limited purpose entity that is building a 12 million ton per year natural gas liquefaction project consisting of three trains and export facilities. Cameron began construction in October 2014 and expects to complete all three trains by 2019. 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). | ||
|
Cheniere Corpus Christi Holdings LLC |
BB- | U.S. |
| U.S.-based project Cheniere Corpus Christi Holdings LLC (CCH) is building Corpus Christi Liquefaction (CCL), a two-processing train project that will convert natural gas to liquefied natural gas (LNG), and Corpus Christi Pipeline L.P., a 23-mile, 48-inch diameter natural gas pipeline, both in the U.S. Gulf Coast. Completion of the two trains is expected by third quarter of 2019. CCH is wholly owned by Cheniere Energy Inc. | ||
|
Delek & Avner (Tamar Bond) Ltd. |
BBB- | Israel |
| In May 2014, Israel-based special-purpose entity Delek & Avner (Tamar Bond) Ltd. (Delek; or the issuer) issued $2 billion of limited-recourse secured notes and lent the proceeds to Delek Drilling L.P. and Avner Oil Exploration L.P. (Delek Drilling and Avner). In May 2017, Avner merged with Delek Drilling, transferring all of its assets and liabilities to it (the partnership). The partnership is dealing in the exploration and production of oil and gas and is indirectly controlled by the Delek Group. The partnership has used the loan proceeds to refinance previous facilities that partially funded its share of the development of the Tamar natural gas reservoir located off the coast of Israel. The issuer currently has four series of notes outstanding with a balance of $320 million, each maturing between December 2018 and December 2025. Each series ranks pari passu and has a bullet-type repayment profile, with interest paid on outstanding principal every six months. Delek Drilling services the loans advanced by the issuer via the proportionate share of revenues generated from the agreements for the sale of gas and condensate reserves in the Tamar field. These, in turn, are the only source of payment for the notes. | ||
|
Express Pipeline Partnership |
BBB+ | U.S. |
| Express Pipeline Partnership is a 1,717-mile crude oil pipeline project running from Hardisty, Alta., to Wood River, Ill., consisting of three segments: Express Canada, from Hardisty to the U.S.-Canada border; Express US, from the border to Casper, Wyo.; and the Platte pipeline, from Casper to Wood River, Ill. The pipeline ships oil from the Canadian oil sands and Bakken region to the Rocky Mountains and the U.S. Midwest. Spectra Energy Partners L.P. owns 100% of the project. | ||
|
Fermaca Enterprises S. de R.L. de C.V. |
BBB- | Mexico |
| Fermaca consists of two natural gas pipelines in Mexico, Tarahumara Pipeline (TP) and Tejas Gas de Toluca (TGT), which have been operating since 2013 and 2003, respectively. TP transports gas from the Mexico-U.S. border in Ciudad Juarez to El Encino, state of Chihuahua. It has a long-term transportation agreement with Comision Federal de Electricidad for firm contracted capacity of 850 million cubic feet per day (mmcf per day), which is the pipeline's total capacity without compression. TGT transports gas from Palmillas, state of Queretaro to Toluca, state of Mexico. It has a long-term transportation agreement with CH4, a joint venture between Gas Natural Mexico S.A. de C.V. and Petroleos Mexicanos (Pemex), for 30 mmcf per day, about one-third of total capacity without compression. | ||
|
FLNG Liquefaction 2 LLC |
BBB | U.S. |
| FLNG Liquefaction 2 LLC (FLIQ2) is a project developed by Freeport LNG that is currently constructing a liquefaction train that will convert natural gas to LNG in the U.S. Gulf Coast. Completion is expected by January 2020. FLIQ2 will operate 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. | ||
|
FLNG Liquefaction 3 LLC |
BBB- | U.S. |
| FLNG Liquefaction 3 LLC (FLIQ3) is the third liquefaction train being built by Freeport LNG Development L.P. in the U.S. Gulf Coast. Completion is expected by May 2020. FLIQ3 is being constructed by a construction joint venture among CB&I, Zachry Industrial Inc., and Chiyoda International Corp. and has offtake agreements with Toshiba Corp and SK E&S LNG. | ||
|
Limetree Bay Financing LLC |
BB- | U.S. |
| This entity is a co-issuer of debt for the Limetree Bay terminals project. | ||
|
Limetree Bay Terminals LLC |
BB- | U.S. |
| Limetree Bay Terminals LLC is a terminal storage and marine facility in St. Croix, U.S. Virgin Islands. The facility has repurposed a former HOVENSA refinery as a storage terminal, and increased the amount of capacity available from about 23 million barrels (mmbbls) to 27 mmbbls by mid 2018. LB Terminals is a deep water port with 10 docks. It also built a single point mooring (SPM) buoy to accommodate very large cruide carriers (VLCCs) during 2018. | ||
|
Maritimes & Northeast Pipeline L.P. |
A+ | Canada |
| Maritimes & Northeast Pipeline L.P. and Spectra Energy Corp. own the Canadian and U.S. portions of a 684-mile mainline underground natural gas pipeline extending from the Sable Offshore Energy Project processing plant in Goldboro, N.S., through New Brunswick Province, Maine, and New Hampshire. The pipeline delivers gas to markets in Atlantic Canada and the northeastern U.S., including New England and the greater Boston area. The owners of Maritimes Canada are Spectra Energy (77.5%), Emera Inc. (12.9%), and ExxonMobil Corp. (9.6%). | ||
|
Natgasoline LLC |
BB- | U.S. |
| Natgasoline LLC is a 5,000 metric ton per day methanol project owned by OCI NV and Consolidated Energy Ltd. Construction was completed and commerial operations began in June 2018. The project uses natural gas to produce methanol, which it sells on a merchant basis. | ||
|
North West Redwater Partnership |
BBB+ | Canada |
| North West Redwater Partnership (NWR) is a 50-50 partnership between NWU L.P. and Canadian Natural Upgrading Ltd. NWR will build and operate an upgrading and refining facility that will have the capacity to process approximately 78,000 barrels per day of bitumen blend. The NWR refinery will be 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, the CNRP will supply the project with 12,500 bpd and the APMC will supply 37,500 bpd of raw bitumen, plus associated diluents. NWR will be responsible for refining and marketing the refined products for which it will receive a cost-of-service toll. | ||
|
NWR Financing Company Ltd. |
BBB+ | Canada |
| This is a joint debt issuer for North West Redwater Partnership | ||
|
Odebrecht Drilling Norbe VII/IX Ltd. |
B- | Brazil |
| The project operates two ultra-deep water drilling vessels, Norbe VIII and Norbe IX, which receive fixed-price charters and service payments from Petrobras under agreements maturing in July 2021 and October 2021, respectively. | ||
|
Odebrecht Offshore Drilling Finance Ltd |
CCC+ | Brazil |
| The project includes the operations of three ultra-deep water drilling vessels, Norbe VI, ODN I, and ODN II. Norbe VI is available for recontracting, while ODN I and ODN II receive fixed-price charters and service payments from Petroleo Brasileiro S.A.--Petrobras through agreements maturing in September 2022, and August 2022, respectively. | ||
|
Premier Transmission Financing PLC |
A | U.K. |
| The Premier Transmission System, consisting of the Scotland-Northern Ireland Pipeline (SNIP) and the Belfast Gas Transmission Pipeline (BGTP) that extends it, is the only link currently in operation to ship gas to Northern Ireland, where it is needed for electricity generation and growing domestic consumption. Premier Transmission Ltd. (PTL) owns and operates the SNIP, a 61-centimeter-diameter single gas pipeline flowing to Northern Ireland from Scotland. PTL and Belfast Gas Transmission Ltd. (which owns the BGTP) are ultimately owned by Mutual Energy Ltd., formerly Northern Ireland Energy Holdings, which operates on a not-for-profit basis to provide gas tariff savings for consumers in Northern Ireland. | ||
|
Ras Laffan Liquefied Natural Gas Co. Ltd. (II) and Ras Laffan Liquefied Natural Gas Co. Ltd. (3) |
A | Qatar |
| Qatar-based Ras Laffan Liquefied Natural Gas Co. Ltd. (II) (RLII) and Ras Laffan Liquefied Natural Gas Co. Ltd. (3) (RL3) are LNG production facilities in the state of Qatar. The two entities,collectively known as RL, were set up to enter into limited recourse financings for the purpose of designing, building, and operating LNG trains 3, 4, and 5 (in the case of RLII), and trains 6 and 7 (in the case of RL3), with a design production capacity of 14.1 million metric tons per year and 15.6 million metric tons/year production capacity, respectively. The debt issuance was used to refinance the construction costs of RLII and to fund the remaining construction activities of RL3, which were fully completed in 2011 following the completion of train 7. RL currently has a total of $4.3 billion senior debt outstanding (rated and unrated), comprising $908 million at RLII and $3.4 billion at RL3. RLII and RL3 are both owned 70% by Qatar Petroleum and 30% owned by Exxon Mobil Corp. The two entities guarantee each other's debt and are operationally linked. | ||
|
Sabine Pass Liquefaction LLC |
BBB- | U.S. |
| U.S. LNG export project owner and developer Sabine Pass Liquefaction LLC is currently building a five-train LNG facility in Louisiana. It is owned by Cheneire Energy Partners L.P. | ||
|
Sabine Pass LNG L.P. |
BB | U.S. |
| Sabine Pass LNG L.P. is a holding company for Sabine Pass Liquefaction LLC. | ||
| Other | ||
|
Inter Media and Communication S.p.A. |
BB- | Italy |
| Inter Media and Communication S.r.l. is a bankruptcy-remote special purpose vehicle holding the intellectual property, media rights, and sponsorship revenue of F.C. Internazionale Milano S.p.A. The company is based in Milan, Italy. | ||
| Power | ||
|
ABY Transmision Sur S.A. |
BBB | Peru |
| ABY Transmision Sur S.A. consists of approximately 916 kilometers in transmission lines, comprising three 500-kilovolt (kV) lines and two short 220 kV lines linking to existing substations (Chilca); three new 500 kV substations (Poroma, Ocoña, and Montalvo); and the expansion and upgrade of three substations owned by third parties. The transmission lines cross four Peru departments (Lima, Ica, Arequipa, and Moquegua) across several provinces and districts. Construction was completed between 2012 and 2014, and the project receives fixed dollar-denominated availability payments during the life of the concession. The operator is the experienced Omega Peru S.A. | ||
|
Astoria Energy LLC |
BB- | U.S. |
| 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 (PPA) with Consolidated Edison of New York ran through April 2016, and it became a merchant generator when that contract expired. | ||
|
Borger Energy Associates L.P./Borger Funding Corp. |
B- | U.S. |
| Borger Energy Associates L.P./Borger Funding Corp. (Borger) is a 230-MW natural gas-fired cogeneration facility near Borger, Texas. Commercial operations began on June 12, 1999. The project sells its energy output and electrical capacity to Southwestern Public Service Co. under the terms of a 25-year PPA. The project also sells its steam output to Phillips 66 under a 20-year steam sales and operating agreement. DCP Midstream L.P. (formerly Duke Energy Field Services LLC) supplies gas under a 20-year agreement. | ||
|
Cachoeira Paulista Transmissora de Energia S.A. |
brAAA | Brazil |
| Cachoeira Paulista Transmissora de Energia holds a concession contract to build, operate, and maintain a 181-kilometer transmission line between Tijuco Preto and Cachoeira Paulista in the state of São Paulo in Brazil. The company has been fully operational since 2005. It receives a fixed annual payment from the regulator based on availability. | ||
|
Celeo Redes Operacion Chile S.A. |
BBB/clAA | Chile |
| Celeo Redes owns three trunk transmission lines in operations located in Chile’s main power grid, Sistema Interconectado Central. The assets benefit from perpetual concessions granted by the Ministry of Energy in which revenues under the contractual agreement are not subject to any demand risk and are not based on utilization rate of the lines. | ||
|
Celeo Redes Transmissao de Energia S.A. |
brAAA | Brazil |
| Celeo Redes Transmissao is a non-operating holding company with two operational transmission lines--Vila do Conde Transmissora de Energia S.A. (VCTE) and LT Triangulo S.A. (LTT)--with concession contracts maturing in 2035 and 2036, respectively. These transmission lines receive availability payments annually adjusted by inflation. When these assets reach their 16th year of operation, annual revenues will drop by 50%, in accordance with the concession contract. | ||
|
Chambers Cogeneration Ltd. Partnership |
BBB- | U.S. |
| Chambers Cogeneration L.P. owns and operates a 285‐MW pulverized coal‐fired cogeneration power plant located in Carneys Point, N.J. The plant began operations in September 1994. It is a qualifying facility (QF) that generates cash flow by selling energy,electric capacity, and steam. The project sells 184 MW of electric capacity and energy to Atlantic Electric Co. (ACE; BBB+/Stable/A-2) on a dispatchable basis under a long-term PPA that expires on March 15, 2024. | ||
|
Chief Power Finance LLC |
B | U.S. |
| Arclight Capital, which manages infrastructure funds, purchased the interest of Exelon Corp (1,254 MW) and Dusquense Light Holdings (108 MW) in the Keystone and Conamaugh coal-fired plants in Pennsylvania. Arclight set up Chief Power Finance to house the transaction. Chief Power Finance LLC owns 44.45% (760 MW) interest in Keystone and fuel supply company Keystone Fuels LLC and 35.11% (601 MW) interest in Conemaugh and fuel supply company Conemaugh Fuels LLC. | ||
|
Compass Power Generation LLC |
BB- | U.S. |
| 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 Pennsylvania-Jersey-Maryland [PJM] Interconnection), Dighton (based in ISO-New England [ISO-NE], with a capacity contract through 2021 and merchant energy exposure), and MiIlford (also in ISO-NE, with cleared capacity through 2027). | ||
|
Crockett Cogeneration, A California L.P. |
CCC+ | U.S. |
| Crockett Cogeneration, a California L.P., is a 240-MW natural gas-fired electric cogeneration plant project in Crockett, Calif., about 25 miles east of San Francisco. Crockett is a qualifying facility selling power to Pacific Gas and Electric Co. (PG&E) under a PPA that expires on May 26, 2026. In addition, Crockett sells steam to C&H Sugar Co. Inc. under an agreement that also expires in 2026. | ||
|
Eastern Covert Midco LLC |
BB- | U.S. |
| This is a subsidiary of and joint borrower with Eastern Power LLC. | ||
|
Eastern Power LLC |
BB- | U.S. |
| Eastern Power LLC is a project-financed portfolio of seven merchant assets totaling 4.9 GW: 1) Covert, a 1,176 MW combined cycle gas turbine (CCGT) in Michigan, sells to the PJM Interconnection Interconnection (American Electric Power [AEP]); 2) Rolling Hills, a 860 MW CT sells to PJM AEP; 3) Crete, a 328 MW CT, sells to PJM Com Ed; 4) Lincoln, a 656 MW CT, sells into PJM Com Ed; and 5) USPG comprises three peaking facilities--Astoria, Gowanus, and Narrows--in the New York Independent System Operator (NYISO) power market (Zone J). Eastern Power is a portfolio company of ArcLight Capital Partners LLC. | ||
|
Edgewater Generation LLC |
BB | U.S. |
| The project has issued a term loan to acquire two merchant power plants--Fairless Energy Center, a 1,320-MW CCGT located in the PJM Interconnection's EMAAC zone, and Manchester Street Station, a 510 MW dual fuel CCGT located in ISO-NE's SENE region. The project's sponsor is Starwood Energy Group. | ||
|
EFS Cogen Holdings I LLC |
BB- | U.S. |
| 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. | ||
|
EIF Channelview Cogeneration LLC |
B+ | U.S. |
| Channelview is an 856-MW and 1.75 million pounds per hour (lbs/hr) of steam combined-cycle gas-fired cogeneration power plant located adjacent to the LyondellBasel Industries Equistar refinery east of Houston. Channelview sells steam and a portion of its capacity (330 MW) and associated electricity to Equistar and sells the remainder of its electrical output to third parties under short-term contracts and into the Electric Reliability Council of Texas market on a merchant basis. | ||
|
Eletrans S.A. |
A- | Chile |
| Eletrans owns two trunk transmission lines located in Chile, the Cardones-Diego de Almagro: a 156-kilometer, 220 kV transmission line with two circuits that began operation in 2015 and 2016, respectively, and Ciruelos-Pichirropuli: a 71 kilometer, two-circuit, 220 kV transmission line with the two circuits in operation since 2017. The concession from the Chilean Ministry of Energy is perpetual and revenue is availability based and index linked. | ||
|
Elwood Energy LLC |
BB+ | U.S. |
| Elwood Energy LLC is project financing that owns a 1,409-MW natural gas-fired peaking power plant about 50 miles southwest of Chicago. It has nine simple-cycle General Electric 7FA turbines of approximately 172 MW each and earns cash flow from contracts, the PJM Interconnection capacity market, and merchant energy sales. Units 1-4 began operations in July 1999 and Units 5-9 came online in May-July 2001. Elwood is owned 50% by Dynegy Inc. and 50% by a J-Power U.S Generation L.P. subsidiary. | ||
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Emirates Sembcorp Water & Power Co. |
A- | United Arab Emirates |
| The project is a UAE-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 MWs of net contracted power capacity and 160 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 (formerly Abu Dhabi Water and Electricity Co). | ||
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Exeltium S.A.S. |
BBB | France |
| 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 off-takers 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 off-takers under downstream contracts. | ||
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Green Country Energy LLC |
BB | U.S. |
| Green Country Energy LLC (GCE) is a 795-MW natural gas-fired combined cycle power plant in Jenks, Okla. The project began commercial operation on Feb. 11, 2002, and has a 20-year dependable capacity conversion sale agreement with Exelon Generation Co. LLC through February 2022. GCE entered into a tolling agreement that expires two years before its notes mature in 2024. The project and its holding company are bankruptcy-remote from parent J-Power USA Generation L.P., a joint venture between John Hancock Life Insurance Co. and J-Power North America Holdings Co. Ltd. | ||
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Hallett Hill No 2 Pty Ltd. |
BBB | Australia |
| Hallett Hill No.2 Pty Ltd. (HH2) is the owner of the Hallett Hill 2 wind farm, located 200 kilometers north of Adelaide, the capital city of the Australian state of South Australia. The wind farm has a total capacity of 71.4 MW and comprises 34 turbines, each with a capacity of 2.1 MW. The wind farm was originally built by AGL Energy Ltd. (AGL), 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, under which AGL will acquire all the electricity generated by the wind farm in return for a fixed payment. | ||
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Hummel Station LLC |
BB- | U.S. |
| Hummel Station LLC is an approximately 1,124-MW combined-cycle, natural gas-fired power plant to be built near Snyder, Pa. Once built, the plant will dispatch into the PJM Interconnection market, selling capacity, energy, and ancillary services. The total cost is expected to exceed $1.1 billion. The plant is expected to sell capacity and energy into PJM by February 2018. | ||
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Indiantown Cogeneration L.P. |
A- | U.S. |
| Indiantown Cogeneration L.P. owns and operates a 330-MW coal-fired cogeneration plant in Martin County, Fla., that has been operating since 1995. The plant is a qualifying facility that generates cash flow by selling electric capacity and energy to Florida Power & Light Co. under a PPA that expires in 2025. | ||
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Invenergy Thermal Operating I LLC |
BB | U.S. |
| Invenergy Thermal Operating I owns a 2.68-GW (net capacity) portfolio of seven 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): 51% ownership in each of three assets: Hardee, a contracted 370-MW combined-cycle gas turbine (CCGT) in Florida; Spindle Hill, a contracted 314-MW combustion turbine (CT) in Colorado; Cannon Falls, a contracted 357-MW CT in Minnesota; and 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; Ector County, a merchant 330-MW CT in Texas that will benefit from a heat rate call option from 2018 through 2022; and Grays Harbor, a merchant (as of 2020) 620-MW CCGT in Washington State. | ||
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Inversiones Latin America Power Limitada |
BBB- | Chile |
| Inversiones Latin America Power, a limited purpose entity, is a wholly owned subsidiary of Latin America Power S.A. and owner of the San Juan and Totoral wind farms in Chile. Latin America Power is wholly owned by Latin America Power Holding B.V., which is owned by BTG Pactual (45.85%), Patria Investimentos (45.85%), and GMR Energy (8.3%). | ||
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Iracema Transmissora de Energia S.A. |
brAAA | Brazil |
| Iracema Transmissora de Energia S.A. holds a 30-year concession contract to construct, operate, and maintain a 400-kilometer power transmission line between the state of Ceará (Milagres substation) and the state of Piauí (São João do Piauí substation), located in northeast Brazil. It receives a fixed annual payment from the regulator based on availability. | ||
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Jauru Transmissora de Energia S.A. |
brAAA | Brazil |
| Jauru holds a concession contract to operate a 949-kilometer, 230 kV transmission line that goes from Jauru, in the Brazilian state of Mato Grosso, to Samuel in Rondonia. It receives a fixed annual payment from the regulator based on availability. | ||
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Kestrel Acquisition LLC |
BB | U.S. |
| 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 PJM Interconnection. The project has a term loan B and is primarily owned by Platinum Equity Capital Partners IV L.P. | ||
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Kiowa Power Partners LLC |
BBB+ | U.S. |
| Kiowa Power Partners LLP is a 1,220-MW combined-cycle gas-fired power plant located in Pittsburg County, Okla., that sells capacity and energy under an 18-year electricity manufacturing agreement (EMA) with Shell Energy North America (U.S.) L.P. (SENA). Shell Oil Co. fully guarantees SENA's obligations under the EMA, subject to a limit of $1.325 billion amortizing in line with the bonds' scheduled redemption profile. Neither entity guarantees the bonds. 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. | ||
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Lea Power Partners LLC |
BBB- | U.S. |
| Lea Power Partners LLC is a special-purpose, bankruptcy-remote entity formed to build, own, and operate a 624-MW combined-cycle natural gas power plant in Hobbs, N.M. The plant's capacity and energy are contracted to Southwestern Public Service Co. through a 25-year tolling-style PPA that expires a few months after debt maturity in 2033. The project is not exposed to fuel costs and is primarily compensated through availability-based capacity payments. The portfolio containing the project is owned by WG Partners Acquisition LLC. | ||
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Lightstone HoldCo LLC |
BB- | U.S. |
| Lightstone HoldCo LLC has four power plants totaling 5.3 GWs in the PJM Interconnection 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 revenue. The project has a term loan B and is owned by the Blackstone Group and Arclight Capital Partners. | ||
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LMBE-MC HoldCo II LLC |
BB- | U.S. |
| LMBE-MC HoldCo II LLC is a wholly owned project-financed subsidiary of U.S. electricity provider Talen Energy Supply LLC that consists of two merchant power plants that sell energy and capacity into the PJM Interconnection market. Lower Mount Bethel is a baseload plant while Martins Creek runs more as a peaking plant. The project has a term loan B and is owned by Talen Energy Supply. | ||
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Logan Generating Co. L.P. |
BBB- | U.S. |
| Logan Generating Co. L.P. owns and operates a 225-MW coal-fired cogeneration plant in Gloucester County, N.J. The plant is a qualifying facility that generates cash flow by selling electric capacity and energy to Atlantic City Electric Co. (ACE), a subsidiary of PEPCO Holdings Inc. under a PPA that expires in 2024. Logan also sells 20 MW of excess capacity and energy into the PJM Interconnection market through a power sales agreement with ACE. It also sells steam to Valtris Specialty Chemicals Co. under an agreement that expires in 2024. That agreement provides little cash flow, but supports the project's QF status. Ares Management L.P. sold its 100% interest in Logan Generating Co. L.P. to Excalibur Power LLC., an indirect majority-owned subsidiary of Starwood Energy Infrastructure Fund II Investor LLC, which is an affiliate of Starwood Energy Group Global Inc. The transaction was completed on Jan. 19, 2018. | ||
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Longview Power LLC |
CCC+ | U.S. |
| Longview is a limited-purpose, bankruptcy-remote entity that owns a 700 net-MW coal-fired power plant in West Virginia and a mining subsidiary, MEPCO, that supplies coal to the plant. | ||
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Mackinaw Power LLC |
BBB+ | U.S. |
| Following the recent sale of its Washington County power plant, Mackinaw Power is a portfolio of two contracted natural gas-fired power plants in Georgia, consisting of Monroe (309 MW) and Walton (465 MW). The plants are contracted peakers having tolling agreements with Georgia Power Co. through May 2024. Mackinaw Power is a special-purpose, bankruptcy-remote operating company formed to own and operate power plants. It is 100% indirectly owned by Mackinaw Power Holdings LLC, which is indirectly owned by Southeast PowerGen LLC. | ||
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Mexico Generadora de Energia S. de R.L. |
BBB+ | Mexico |
| 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 achievedits commercial operations date (COD) on Dec. 1, 2013, and Phase II began its COD in January 2015, at which point fixed-capacity payments began. | ||
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Midland Cogeneration Venture L.P. |
BBB- | U.S. |
| 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., indirectly owns the plant. Up to 1,240 MWs of the asset's energy and capacity are contracted to Consumers Energy through a PPA that expires in 2025. In addition, the asset has a long-term service agreement with General Electric Co. through 2021. The project has a steam and electric PPA 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. | ||
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Moyle Interconnector (Financing) PLC |
AA | U.K. |
| Moyle Holdings is a company limited by guarantee, whose role is ensuring the ownership, operation, and maintenance of the Moyle Interconnector for the ultimate benefit of Northern Ireland electricity users. Revenue includes capacity auction payments with an annual true-up mechanism. | ||
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MRP Generation Holdings LLC |
B+ | U.S. |
| MRP Generation Holdings LLC (formerly TPF Generation Holdings) is a U.S.-based project finance transaction consisting of three merchant natural-gas-fired power plants with a combined capacity of 1,380 MWs. Each plant sells energy and capacity into its market and all three assets are in the operations phase. High Desert is an 830-MW combined-cycle facility in the California Independent System Operator's South market. Big Sandy (300 MWs) and Wolf Hills (250 MWs) are simple-cycle combustion turbine peaking facilities in the PJM Interconnection (AEP) market. | ||
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Nautilus Power LLC |
B+ | U.S. |
| Nautilus Power LLC has a portfolio of six natural gas-powered generation facilities (CCGT and peaking units) totaling 1.75GW located in New Hampshire, Massachusetts, New Jersey, and Maryland. | ||
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Norte Brasil Transmissora de Energia S.A. |
brBBB+ | Brazil |
| Norte Brasil has a 30-year concession until 2039 to build, implement, operate, and maintain the 2,375-kilometer (600 kV) Porto Velho-Araraquara 2 transmission line. The line is fully operational, but still pending financial completion. It receives a fixed annual payment from the regulator based on availability. | ||
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Orange Cogen Funding Corp. |
BBB+ | U.S. |
| Orange Cogen Funding Corp. is a subsidiary of Orange Cogeneration L.P., the owner of a 104-MW gas-fired cogeneration power plant in Bartow, Fla. Orange Cogeneration is wholly owned by Northern Star Generation LLC (NSG). Orange Cogen sells electricity under a PPA with Duke Energy Florida Inc. through 2025. The project is a cogeneration plant and also produces steam. While the steam revenue forms 2% of the total, the project relies on its steam contracts with Peace River Citrus and Bartow Ethanol to maintain its QF status, which is a requisite under the PPAs. To mitigate this counterparty risk, the project has distillation equipment on-site such that, in the event of loss of steam contracts, the project can temporarily supply steam to the distilled water facility to maintain QF status until a new offtaker is found. | ||
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Panda Liberty LLC |
B+ | U.S. |
| Panda Liberty LLC was created to develop, build, own, and operate a combined-cycle gas turbine power plant in the PJM Interconnection region. Panda Liberty is developing a plant of approximately 826 MWs in Asylum Township, Pa. Once built, the unit will dispatch into PJM Interconnection's Penelec Zone. | ||
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Panda Patriot LLC |
BB- | U.S. |
| Patriot LLC (Patriot) is a special-purpose, bankruptcy-remote operating entity, set up to build the Patriot Power Plant, an 829-MW natural gas-fired facility in Clinton Township, Pa. It was formerly known as Moxie Patriot LLC. The unit dispatches into the West subregion of the PJM Interconnection market. | ||
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Panda Stonewall LLC (Green Energy Partners) |
BB- | U.S. |
| Stonewall (formerly known as Green Energy Partners) is an approximately 778-MW combined-cycle, natural gas-fired power plant near Leesburg, Va. Construction began on the project in 2015, and it began operations in the second quarter of 2017, The project dispatches into the PJM Interconnection market, selling capacity, energy, and ancillary services. | ||
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Panoche Energy Center LLC |
CCC+ | U.S. |
| Panoche Energy Center (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 PPA 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. | ||
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Planta de Reserva Fria de Generación de Eten S.A. |
BBB | Peru |
| Peru-based power generator Eten won a 20-year concession contract to build, own, and operate a dual fuel simple cycle power generation plant of up to 230 MW in Reque, Peru in April 2011. Cobra Instalaciones y Servicios S.A. owns a 50% stake in Eten and EMCE Holdings the other half. Eten operates as a backup plant for the Peruvian system (a.k.a. cold reserve) and receives fixed monthly availability payments from the government. The government may also require Eten to dispatch energy into the system, mainly during emergency situations. Under such circumstances, Eten will pass on all variable costs associated with the energy generation to the government. The plant achieved its commercial operations date in July 2015. | ||
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Revere Power LLC |
BB- | U.S. |
| Revere Power LLC is a project-financed entity that wholly owns and controls three combined cycle gas plants in New England with a combined 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-NE jurisdiction. | ||
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Rowville Transmission Facility Pty Ltd. |
A- | Australia |
| Rowville Transmission Facility Pty. Ltd. (RTF) owns, operates, and maintains 500 kV-to-220 kV step-down transformers and an associated switchyard (transmission facility) in the eastern suburbs of Melbourne, Australia. The facility receives power from the La Trobe Valley through three 500 kV lines, and then steps the power down to 220 kV and connects to AusNet's adjacent 220 kV transmission station. RTF receives a monthly availability payment under a 30-year network agreement with the Australian Energy Market Operator that expires in November 2029. Operations and maintenance have been contracted to a subsidiary of AusNet Services Ltd., the owner and operator of Victoria's high-voltage electricity transmission system. | ||
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Ruwais Power Co. PJSC |
A- | United Arab Emirates |
| Ruwais Power Co. PJSC (Shuweihat 2) (PRojectCo) 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 11.6% of the net installed power capacity and approximately 12.2% of the net installed water capacity of independent power and/or water plants implemented by the Abu Dhabi Department of Energy (DOE; formerly Water and Electricity Authority), a wholly owned subsidiary of the government of Abu Dhabi, under its privatization program. The proceeds from the bond issuance have been used primarily to refinance existing debt at a lower anticipated cost and also 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 Co. (formerly the Abu Dhabi Water and Electricity Co.), a 100% subsidiary of DOE, is designed to cover the terms of all refinanced debt. | ||
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Sandy Creek Energy Associates L.P. |
B- | U.S. |
| U.S. power generator Sandy Creek Energy Associates L.P. owns 604 MW (64%) of the 945-MW Sandy Creek coal-fired generating plant in Riesel, Texas. Of the 604 MW, 259 is under 30-year PPAs with creditworthy Texas wholesale power providers Brazos Electric Cooperative (155 MW; 26%) and the Lower Colorado River Authority (104 MW; 17%). The remaining 345 MW is partly hedged under short-term agreements, with coal contracted as well. | ||
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Solaben Luxembourg S.A. |
BBB | Luxembourg |
| Luxembourg-based limited-purpose entity Solaben Luxembourg S.A. (the issuer) issued bonds and on-lent the proceeds under individual agreements to Solaben Electricidad Uno S.A. and Solaben Electricidad Seis S.A. (the borrowers or ProjectCos). The 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 borrowers are ultimately owned by Atlantica Yield PLC. | ||
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Southeast PowerGen LLC |
B | U.S. |
| Southeast PowerGen LLC (SEPG) is a project-financed, special-purpose entity owning roughly 2.2 GWs of electric generation capacity in Georgia. The portfolio includes one combined-cycle mid-merit facility (Effingham, 510 MW) and three combustion-turbine peaking facilities (Monroe, 309 MW; Walton, 465 MW, and Sandersville: 600 MW), as well as one cogeneration facility (Mid-Georgia, 300 MW). | ||
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Star West Generation LLC |
B+ | U.S. |
| Star West owns Griffith (570 MW), a natural gas-fired combined-cycle power plant in Arizona. The plant operates in the Desert Southwest power market. Griffith operates as a merchant facility in 2018 and 2019 and is backed by a PPA with a major utility for the summer months from 2020 to 2026. | ||
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Tenaska Alabama II Partners L.P. |
BBB | U.S. |
| Established in April 2000, Tenaska Alabama II Partners L.P. (TAP II) owns and operates an 885-MW natural gas-fired combined-cycle generation facility in Autauga County, Ala. It has been commercially operational since May 24, 2003. It sells energy to SENA under a 20-year energy conversion agreement. It also has a long-term service agreement with General Electric Co. for operations equipment maintenance. The project is 65% owned by Tenaska and 35% by TC Generation LLC. Tenaska is an experienced project developer that has constructed over 10,000 MW of generation capacity at 17 domestic and international projects. | ||
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Tenaska Gateway Partners Ltd. |
BBB- | U.S. |
| Tenaska Gateway Partners Ltd. is a Texas limited partnership that owns an 845‐MW combined‐cycle gas power plant in Rusk County, Texas. The project sells capacity and energy under a 22.5‐year tolling agreement with SENA that expires in January 2024. Shell Oil Co. fully guarantees SENA's obligations under the PPA, subject to a limit of $850 million, which amortizes in line with the bonds' scheduled redemption profile. 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. | ||
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Tenaska Georgia Partners L.P. |
BBB | U.S. |
| Tenaska Georgia Partners L.P. is a 945‐MW gas‐fired, simple‐cycle peaking facility located 40 miles southwest of Atlanta. The project began 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. | ||
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Tenaska Virginia Partners L.P. |
BBB | U.S. |
| Tenaska Virginia Partners L.P. operates an 885-MW combined-cycle gas- and oil-fired power plant in Fluvanna County, Va. The project sells capacity and energy under a 20-year tolling agreement with SENA. Shell Oil Co. fully guarantees, albeit conditionally, SENA's obligations under an energy conversion agreement, subject to a limit of $1.17 billion that amortizes in line with the bonds' scheduled redemption profile. General Electric Co. provides maintenance services under a long-term service agreement.Tenaska is an experienced project developer that has developed over 10,000 MW of generation capacity at 17 domestic and international projects. | ||
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UMH Energy Partnership |
BBB+ | Canada |
| 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 PPA 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. | ||
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Vela Energy Finance S.A. |
BBB | Spain |
| Vela Energy Finance S.A. is the issuer for a project that owns a portfolio of 42 solar photovoltaic parks in Spain. The portfolio remuneration falls under the Spanish regulatory framework and the portfolio has a gross capacity of approximately 87.7 MW on a nominal basis. | ||
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WG Partners Acquisition LLC |
BB | U.S. |
| WG Partners Acquisition LLC is a holding company with a portfolio of 12 electric generation assets located throughout the U.S. and in Trinidad and Tobago, representing over 1,500 MW of total generation capacity. The portfolio was acquired from FREIF NAP I Holdings II LLC in September 2016. | ||
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Yellowstone Energy L.P. |
BBB | U.S. |
| The Yellowstone Energy L.P. project is a petroleum (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 PPA that extends two years beyond the debt maturity with Northwestern Energy, the utility subsidiary of Northwestern Corp. | ||
| Renewables | ||
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Alta Wind Holdings LLC |
BBB- | U.S. |
| This is a portfolio of four operational U.S. wind projects with combined capacity of 570 MW and a total of 190 Vestas V90 turbines located in the Tehachapi Pass region of California, about 100 miles north of Los Angeles. Alta Wind Holdings built the projects, with commercial operations achieved at all four sites in the first half of 2011. The projects earn revenue from energy sold under long-term power purchase agreements (PPAs) with Southern California Edison that run to 2035. | ||
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Breeze Finance S.A. |
B- | Luxembourg |
| Breeze Finance S.A. (Breeze Three) is a Luxembourg-based special-purpose vehicle that issued debt and lent the proceeds to fund a portfolio of 39 wind farms in Germany (through intermediary German borrower Breeze Three Energy GmbH & Co. KG) and four in France (through intermediary French borrower Energie Eolienne Derval SNC). In addition, project management used some of the proceeds to refinance existing debt and to fund debt service reserve accounts. The project's total installed capacity is 347.4 MW. The wind farms have been fully operational since 2008. They are fully cross-collateralized and benefit from supportive regulatory regimes for renewable energy in Germany and France. | ||
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CE Oaxaca Cuatro S. de R.L. de C.V. |
BBB- | Mexico |
| CE Oaxaca Cuatro S. de R.L. de C.V. (Oaxaca IV) is a 102-MW wind power generation facility located in Isthmus of Tehuantepec in the state of Oaxaca, Mexico, 17 kilometers from the Pacific Coast. The wind farm comprises 68 wind turbines laid out in three sections. The project started commercial operation in March 5, 2012. Oaxaca IV will repay its debt with the cash flow generated from the energy it sells under long-term PPAs with Mexican utility company Comision Federal De Electricidad. Acciona S.A. a Spain-based, engineering, construction, and concession company, indirectly owns Oaxaca IV. | ||
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CE Oaxaca Dos S. de R.L. de C.V. |
BBB- | Mexico |
| CE Oaxaca Dos S. de R.L. de C.V. (Oaxaca II) is a 102-MW wind power generation facility located in Santo Domingo Ingenio in the state of Oaxaca, Mexico, 17 kilometers from the Pacific Coast. Construction on the project started on July 15, 2010, and it began commercial operations on Feb. 6, 2012. Oaxaca II will repay its debt with the cash flow generated from energy it sells under a long-term PPA with Mexican utility company, Comision Federal De Electricidad. Acciona S.A., a Spain-based, engineering, construction, and concession company, indirectly owns Oaxaca II. | ||
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Chapada do Piaui I Holding S.A. |
brA- | Brazil |
| Chapada do Piauí I Holding S.A. owns and operates, through its subsidiaries, seven wind power projects (Ventos de Santa Joana IX to XVI) totaling 205.1 MW of installed capacity located in the municipalities of Marcolândia, Padre Marcos and Simões, in the state of Piauí, in northeast Brazil. Chapada won the fifth reserve energy auction held in August 2013 to provide 99.9 MW of assured energy under long-term PPAs with Camara de Comercialização de Energia Elétrica (CCEE). The PPAs were signed in 2014 for a 20-year period beginning at the start of commercial operations (September 2015) at a fixed price (originally set at R$109.96/megawatt-hour [MWh] base as of August 2013) that includes an annual pass-through for inflation. | ||
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Confederated Tribes of the Warm Springs Reservation |
BBB | U.S. |
| The Pelton Round-Butte Project is a 466-MW hydroelectric project partly located on tribal grounds on the Deschutes River in Oregon. The Confederated Tribes of the Warm Springs Reservation of Oregon (CTWSR) owns a 33.33% undivided interest in the project that includes the 358-MW Round Butte dam and the 108-MW Pelton dam. Portland General Electric Co. (PGE; BBB+/Positive/ A-2) owns the balance of the project, operates the power plants, and purchases all electricity from the plant. We view PGE as a material and irreplaceable counterparty, and our rating on PGE caps the rating for the project. | ||
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Continental Wind LLC |
BBB- | U.S. |
| Continental Wind is a portfolio of 13 wind power projects totaling 667 MWs across Oregon, Idaho, Kansas, New Mexico, Texas, and Michigan. It earns cash flow from long-term PPAs 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. | ||
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CRC Breeze Finance S.A. |
CCC+ | Luxembourg |
| CRC Breeze Finance S.A. (Breeze Two) is a Luxembourg-based special-purpose entity that issued notes in 2006 to finance loans to a portfolio of wind farms: 24 in Germany (through intermediary German holding borrower Breeze Two Energy GmbH & Co. KG) and four in France (through intermediary French holding borrower Eoliennes Suroit SNC). Breeze Two is owned by Luxembourg-registered Monument Trust Ltd. | ||
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CSolar IV South LLC |
BBB+ | U.S. |
| CSOLAR IV South LLC (CSolar) is 130‐MW (alternating current) 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 PPA with San Diego Gas and Electric Co. CSolar is jointly owned by affiliates of Tenaska Energy Inc. and the Prudential Insurance Co. of America. The solar panels were supplied by First Solar, which is also the operator of the plant. | ||
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Desarrollos Eolicos Mexicanos de Oaxaca 1 S.A.P.I de C.V. |
mxBBB- | Mexico |
| DEMEX I is a wind farm, already in operation, consisting of 45 turbines with a total installed capacity of 90 MW located in Oaxaca, Mexico. The project has a PPA signed with Grupo Bimbo, S.A.B. de C.V. (the off-taker), in which the off-taker is obliged to buy at least 90% of the expected annual energy produced by the wind park. The PPA is set to terminate on Nov. 1, 2030. | ||
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Geradora Eolica Bons Ventos da Serra I S.A. |
brA+ | Brazil |
| Geradora Eólica Bons Ventos da Serra I SA (Bons Ventos) owns and operates a wind power project, EOL Malhadinha I, totaling 23.1 MWs of installed capacity located in the state of Ceará, northeast of Brazil. Bons Ventos won the reserve energy auction held in August 2011 to provide 12 MWs of assured energy under a long-term PPA (called Contrato de Energia de Reserva). The PPA has a 20-year tenor (since July 2014) and establishes a fixed price that includes an annual pass through of inflation. | ||
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Santa Vitoria do Palmar Holding S.A |
brAA | Brazil |
| Santa Vitoria do Palmar has 16 wind farms located in the southern region of Brazil, resulting in a total installed capacity of 402 MWs and assured energy of 169.1 MWs. The project has contracts in the free market to sell electricity until 2031--133.1 MWs until 2020 and 145.5 MWs from 2021 to 2031. These contracts are annually adjusted by inflation and the remaining portion (difference between the assured energy and the amount sold) remains without contracts, being exposed to market conditions. | ||
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Solar Star Funding LLC |
BBB | U.S. |
| Solar Star Funding LLC is a 586 MW alternating current (AC) power project consisting of a 310 MW AC facility (Solar Star 1) and a separate, adjacent 276 MW AC photovoltaic facility (Solar Star 2) in California's Kern and Los Angeles counties. The project generates cash flows by converting solar energy into electricity that it sells to Southern California Edison under two long-term PPAs. Construction was completed in mid-2015 and operations began at Solar Star 1 and Solar Star 2 in July 2015. The project has contracted SunPower Corp. Systems, a direct subsidiary of SunPower Corp., to perform all operations and maintenance. | ||
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Topaz Solar Farms LLC |
CCC+ | U.S. |
| Topaz Solar Farms LLC is a 550-MW photovoltaic solar power project in San Luis Obispo County, Calif., that completed final construction on Feb. 28, 2015. The total construction cost was about $2.4 billion. The project's parent is BHE Renewables LLC. Topaz has a 25-year power purchase and sale agreements with utility offtaker PG&E. Our 'CCC+' rating on the project is constrained by our rating on PG&E. Therefore, any degradation in PG&E's creditworthiness could lead us to downgrade Topaz. | ||
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WindMW GmbH |
BBB- | Germany |
| 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 that 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 only between 2027 and 2035, the assumed end of the asset life. | ||
| Social infrastructure | ||
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ABC Schools Partnership |
A | Canada |
| 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 Intergrated Facility Services. | ||
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Alpha Schools (Highland) Project PLC |
A | U.K. |
| Alpha Schools (Highland) Project PLC (ProjectCo) is a U.K.-based special-purpose vehicle, 100% 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 in Scotland. Since the completion of the construction phase in September 2009, ProjectCo has been responsible for the provision of maintenance and certain non-educational support services to the 11 schools involved in the project, under a 31–year project agreement that ends in 2037. | ||
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Ancora (OAHS) Pty Ltd. |
BBB | Australia |
| Ancora (OAHS) Pty Ltd. is the financing vehicle for the Orange and Associated Health Services PPP between the state of New South Wales, Australia and Pinnacle Healthcare (OAHS) Pty Ltd., and the trustee of the PPP, which is Pinnacle Healthcare (OAHS) Trust (Pinnacle). The project involves Health Administration Corp. (HAC) granting a 28-year concession to Pinnacle that provides an availability-based payment stream expiring in 2035. Under the contractual terms of the PPP, Pinnacle is responsible for the procurement of the financing, planning, design, and construction of new facilities on the Bloomfield site in Orange. The facilities include 173 acute overnight hospital beds and 156 mental health beds, together with a range of ambulatory, outpatient, and administration facilities. Pinnacle is also responsible for the provision of services to the nearby Bathurst hospital. | ||
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Ancora (RCH) Pty Ltd./Ancora (RCH2) Pty Ltd. |
BBB | Australia |
| 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, Australia in 2007. Under the terms of the agreement, ProjectCo was responsible for the procurement of 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 Victoria is availability based, subject to deductions for performance below specified levels. | ||
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Aspire Defence Finance PLC |
A- | U.K. |
| 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, and finance new living and working accommodations at four army bases that it is operating for the U.K. Ministry of Defence (MoD) and to provide support and estate management services under a 35-year project agreement under the U.K. government's private finance initiative (PFI). Revenue is availability based. | ||
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ASR Media and Sponsorship S.r.l. |
BB | Italy |
| ASR Media and Sponsorship S.r.l (ASR Media) is a bankruptcy-remote special-purpose vehiclethat has raised a senior secured loan and used it to refinance debt of the Italian football club AS Roma (TeamCo). ASR Media owns TeamCo's brand and has licensed it to Soccer S.a.s. di Brand Management S.r.l (Soccer), a limited partnership that operates TeamCo's marketing, advertising, and sponsorship business. Soccer has leased the brand further to TeamCo for a 20-year period. ASR Media has taken over all existing contracts associated with media and sponsorship rights and will service its debt based on revenue generated via these contracts. | ||
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Austin Convention Enterprises Inc. |
BBB+ | U.S. |
| Austin Convention Enterprises Inc. is an 801-room full-service hotel in downtown Austin across the street from the convention center. The hotel opened on Dec. 27, 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 than that of other rated hotels, supported by improving local economic conditions and positive pricing power in its market. | ||
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Baltimore Hotel Corp. |
BBB- | U.S. |
| Baltimore Hotel Corp.'s hotel is located at the Baltimore Convention Center and operated by Hilton Worldwide, operating since August 2008. 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. 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. | ||
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Brooklyn Events Center LLC |
BBB- | U.S. |
| The project, known as Barclays Center, is an enclosed multipurpose arena that is the home of the Brooklyn Nets of the National Basketball Association (NBA). Brooklyn Events Center, the arena operator, makes PILOTs 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. | ||
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Burrell College of Osteopathic Medicine LLC |
BBB+ | U.S. |
| Burrell College of Osteopathic Medicine is a graduate medical school located in Las Cruces, N.M. The project's scope is to operate an 80,000-square-foot educational building located on the New Mexico State University campus for the purpose of training students in the field of osteopathic medicine. The project started operations and accepted its first class in 2016 and has seen enrollment levels at 100%. The project is currently in ramp-up and expects to seek full accreditation after graduation of the first class in 2020. | ||
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BWP Issuer PLC |
BBB- | U.K. |
| The project was established to finance, design, build, and operate Her Majesty's Prison Thameside in Southeast London, approximately 10 kilometers east of Canary Wharf. The project is backed by an agreement with the Ministry of Justice, first signed in 2010, and has a remaining term of 19 years 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 revenue during operations. Operations and maintenance have been subcontracted to Serco Ltd. for the term of the project. | ||
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BY Chelmer PLC |
BBB- | U.K. |
| U.K.-based special-purpose vehicle BY Chelmer PLC (ProjectCo) has used the debt to finance the design, construction, and maintenance of new facilities for Broomfield Hospital, in Chelmsford, Essex, for the Mid 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. Construction ran for 43 months from July 2011, and the project is now responsible for hard FM and lifecycle services during the operating period. | ||
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Capital Hospitals (Issuer) PLC |
BBB- | U.K. |
| 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 PFI 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 enabled 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. | ||
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Catalyst Healthcare (Manchester) Financing PLC |
BB+ | U.K. |
| 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. | ||
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Catalyst Healthcare (Romford) Financing PLC |
BBB | U.K. |
| Under a PFI, Catalyst Healthcare (Romford) Financing PLC issued bonds to finance the design and construction of new 925-bed hospital facilities and the provision of services by the project company, Catalyst Healthcare (Romford) Ltd., under a 36-year project agreement with the Barking, Havering, and Redbridge University Hospitals NHS Trust. Construction of the Queen's Hospital in Romford, Essex, was completed by the contractor, a subsidiary of Lend Lease Group, on Oct. 16, 2006. Sodexo Ltd., a subsidiary of Sodexo, has provided the soft and hard FM services since September 2005. | ||
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Catalyst Higher Education (Sheffield) PLC |
BBB | U.K. |
| U.K.-based limited-purpose entity Catalyst Higher Education (Sheffield) PLC designed and built student accommodation for the University of Sheffield (UoS), which it will maintain for about 40 years from the 2006 date of issue. The project consists of 3,529 new bed spaces, 405 refurbished bed spaces, and 257 transferred bed spaces. The debt is being repaid from rent received from the accommodation units over 40 years. The UoS guarantees part of the project income, namely the minimum rental payment, which is currently set at a level equivalent to 85% occupancy through 2019, falling in subsequent years to 69% occupancy in 2045. | ||
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Central Nottinghamshire Hospitals PLC |
BBB- | U.K. |
| U.K.-based special-purpose vehicle Central Nottinghamshire Hospitals PLC finances 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. (formerly Mansfield and Ashfield Clinical Commissioning Group), under a 37.4-year PFI concession agreement. | ||
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CHS (CAMH) Partnership |
A- | Canada |
| CHS (CAMH) Partnership consists of three mental health and addiction care facilities located in Toronto with a combined area of about 540,000 square feet that have operated since 2012. Carillion Services (CAMH) Inc. (Carillion) was the hard FM and lifecycle services provider for the partnership. CHS has been in discussions to replace Carillion since the company's parent, Carillion PLC, filed for liquidation in Jan 2018. | ||
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Consort Healthcare (Birmingham) Funding PLC |
BBB- | U.K. |
| 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. | ||
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Consort Healthcare (Mid Yorkshire) Funding PLC |
BBB | U.K. |
| The project company (ProjectCo), U.K.-based special-purpose vehicle Consort Healthcare (Mid Yorkshire) Funding PLC, financed the design and construction of health care facilities for U.K.-based Pinderfields General Hospital and Pontefract General Infirmary for the Mid Yorkshire Hospitals NHS Trust (the Trust) under a PFI agreement. Construction was completed on schedule in October 2011. ProjectCo is now providing maintenance and certain nonclinical services, and will continue to do so for 35 years under the PFI agreement. | ||
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Consort Healthcare (Salford) PLC |
BBB+ | U.K. |
| 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 under a 35-year project agreement, using the U.K. government's PFI program. | ||
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Consort Healthcare (Tameside) PLC |
BBB+ | U.K. |
| U.K.-based special-purpose vehicle Consort Healthcare (Tameside) PLC (ProjectCo) 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 program. | ||
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CSS (FSCC) Partnership |
A- | Canada |
| 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 building of 302,716 net square feet (28,123 square meters) that was certified to the Leadership in Energy and Environmental Design (LEED) Gold standard. 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 of the renovation work on the second and fifth floors (to accommodate two other government departments) in January 2015. 10647802 Canada Ltd. (known as Dexterra), a subsidiary of Fairfax Financial Holdings Ltd., is the FM and lifecycle services provider for the project. Dexterra became the project's FM and lifecycle services provider after Carillion PLC, the parent company of the previous services provider Carillion Services (FSCC) Inc., filed for compulsory liquidation in January 2018 and Fairfax (the current service guarantor) acquired its Canadian operations in March 2018. | ||
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Darwin Cove Convention Centre Pty Ltd. |
A- | Australia |
| Darwin Cove Convention Centre Pty Ltd. has the concession to design, construct, and operate the Darwin Convention and Exhibition Centre (DCEC), until April 2033. DCEC is located within a 25-hectare lifestyle precinct near the Darwin central business district in Australia's Northern Territory. The facility includes a 1,500-seat plenary hall, 4,000 square meters of divisible exhibition space, a number of meeting and function rooms, and a 300-bay car park. The facility was completed and commissioned in April 2008. The project is a PPP that relies on an availability-based payment stream derived from the Northern Territory government. | ||
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Denver Convention Center Hotel Authority |
BBB- | U.S. |
| The project is a 1,100‐room full‐service hotel, with 60,000 square-feet of meeting space adjacent to the Colorado Convention Center in downtown Denver, Colo. Hyatt Hotel Corp. manages the hotel, which has been operational since December 2005. The $356.2 million senior revenue bonds series 2006 due December 2035 are secured by hotel net revenue and fixed contributions from the city of Denver, funded through annual appropriations. | ||
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Denver Great Hall LLC |
BBB- | U.S. |
| Denver Great Hall LLC (the project) is a PPP project to redesign, construct, finance, operate, and maintain a portion of the space within the Jeppesen terminal at the Denver International Airport. The terminal opened in 1995 and, while still in good condition, changing use of the space over time, including the introduction of the Transportation Security Administration (TSA) and increased security, the reduced need for check-in desks, and commercial space optimization all led to a need for the redesign. The Denver International Airport is owned by the City and County of Denver and is the concession grantor, and Ferrovial (the project sponsor) won the concession through a competitive bidding process. The project's equity sponsors are Ferrovial Aeropuertos with 80% ownership, and a joint venture that consists of Saunders Construction Inc. (5%) and JLC (Loop Capital plus Magic Johnson Enterprises; 95%)--known as S/JLC LLC--with 20% ownership. | ||
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Discovery Education PLC |
BBB+ | U.K. |
| 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 PFI project. The works were completed in three phases during 2008 and 2009. ProjectCo provides hard and soft FM services at each school via subcontractors. | ||
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East Slope Residencies PLC |
BBB | U.K. |
| East Slope Residencies Student Accommodation LLP 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. The construction started in 2017, and the first blocks due to be completed have been occupied by students since autumn 2018. Remaining blocks are expected to be completed by the end of 2020 and are being built by Balfour Beatty Regional Construction Ltd., a subsidiary of Balfour Beatty PLC. | ||
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Exchequer Partnership (No. 2) PLC |
A+ | U.K. |
| Exchequer Partnership (EP2) operates under a 35-year availability-based concession with the U.K. government that expires in August 2037. EP2 used the debt proceeds issued 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. | ||
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Fideicomiso 00874 (Sarre y Papagos) |
mxBBB+ | Mexico |
| This is the issuer of subordinated debt for the Sarre y Papagos project. | ||
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Fideicomiso F 2213 (CFRS Oaxaca) |
mxAA+ | Mexico |
| In March 2011, the Ministry of the Interior (Secretaría de Gobernación) awarded Grupo Ingeniería Arquitectura y Asociados (GIA; not rated) a 22-year contract to build and operate a social infrastructure project in the state of Oaxaca, Mexico. Construction was completed in March 2013; i.e., within the established timeframe. During operations, which officially began in May 2013, the project receives a fixed schedule monthly payment to compensate GIA for the construction and the services provided in the facilities. | ||
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Fideicomiso Sarre y Papagos |
mxAA- | Mexico |
| Empresas ICA (ICA: not rated) was awarded two 22-year service contracts in December 2010 to build and operate two social infrastructure projects in Mexico. Construction was completed with three-months delay in September 2012. The facilities are located in the state of Guanajuato (Sarre) and the state of Sonora (Pápagos). During operations, the projects receive a fixed schedule monthly payment to compensate Sarre and Pápagos for the construction and services provided to the facilities. This entity has issued senior debt to fund the project. | ||
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Green Timbers L.P. |
A- | Canada |
| Green Timbers L.P. issued C$181.9 million of bonds due in 2037, to fund the construction of the new Royal Canadian Mounted Police (RCMP) E divisional headquarters in Surrey, B.C., under a design, build, finance, operate, and maintain agreement with Public Works and Government Services Canada. Construction was completed in December 2012, and the project is now in a 25-year operating period. The project receives availability-based revenues from the government of Canada. Construction was completed by a joint venture between Bouygues Building Canada Inc. and Bird Design-Build Construction Inc. Operational reponsibilities include hard FM, 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. | ||
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Healthcare Support (Newcastle) Finance PLC |
BB+ | U.K. |
| 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. | ||
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Healthcare Support (North Staffs) Finance PLC |
BBB | U.K. |
| U.K.-based limited-purpose vehicle Healthcare Support (North Staffs) Finance PLC financed the design and construction of a new 420-bed health care facility at the Royal Stoke University Hospital for the University Hospital North Midlands NHS Trust (the Trust) and the 130-bed Haywood Community Hospital for the Staffordshire and Stoke-on-Trent Partnership NHS Trust., for the Newcastle-Upon-Tyne Hospitals National Health Service Foundation Trust. The project operates and maintains the facilities under a 37-year availability-based PFI contract with the Trusts. | ||
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Holyrood Student Accommodation PLC |
BBB | U.K. |
| U.K.-based student accommodation project Holyrood Student Accommodation PLC 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. | ||
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Hospital Infrastructure Partners (NOH) Partnership |
BBB+ | Canada |
| Hospital Infrastructure Partners (NOH) has a concession to design, build, finance, and maintain the new Oakville Hospital in Oakville, Ont. The project achieved substantial completion in July 2015. The project is built on a 50-acre green-field site; the hospital accommodates 457 beds and 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 (DBJV) 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. | ||
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Idaho College of Osteopathic Medicine LLC |
BBB+ | U.S. |
| Idaho College of Osteopathic Medicine (ICOM) is a graduate medical school in Meridian, Idaho. The project's scope is to operate a newly constructed 94,000-square-foot educational building located on the Idaho State University-Meridian Health Science Center campus. ICOM also has an affiliation agreement with Idaho State University for 40 years, subject to renewal. The project is currently in ramp-up and expects to seek full accreditation after graduation of the first class in 2024. | ||
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InspirED Education (South Lanarkshire) PLC |
BBB- | U.K. |
| 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. | ||
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Integrated Accommodation Services PLC |
A | U.K. |
| Under a 30-year project agreement structured as a PFI, 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 (FCA). 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. | ||
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Integrated Team Solutions PCH Partnership |
A- | Canada |
| Integrated Team Solutions PCH Partnership entered a project agreement with Providence Care Hospital (PCH) to design, build, finance, and maintain a new 270-bed, 619,110-square-foot mental health hospital on a 30-acre greenfield site adjacent to one of PCH's facilities in Kingston, Ont. The project had a three-year construction phase through late 2016, followed by a 30-year availability-based operating phase. Integrated Team Solutions entered into back-to-back contracts with EllisDon Design Build Inc. for construction and Johnson Controls Canada L.P. for services during operations. | ||
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Integrated Team Solutions SJHC Partnership |
A | Canada |
| Integrated Team Solutions SJHC Partnership was selected to design, build, finance, and maintain a mental health facility in London, Ont., and a forensics mental health facility in St. Thomas, Ont. The project began operations on the smaller St. Thomas facility in April 2013, and the larger London facility in October 2014. The project receives availability-based revenues from concession provider St. Joseph's Health Care through the 30-year operating period and has passed down FM and lifecycle responsibilities to Honeywell Ltd. for 30 years under a fixed-price FM service agreement while St. Joseph's Health Care (SJHC or the off-taker) retains the soft FM and clinical services operation. | ||
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Jets Stadium Development LLC |
BBB- | U.S. |
| The project is an 82,500-seat open-air stadium in East Rutherford, N.J., and home to the National Football League's New York Jets and New York Giants. Jets Stadium used proceeds to fund its portion of the construction costs of New Meadowlands Stadium Co. LLC (NMSCO), now known as MetLife Stadium. NMSCO, a joint venture owned 50% by Giants StadCo and 50% by Jets StadCo, operates the stadium. The debt is supported by Jets StadCo's share of stadium revenues. Stadium revenues include 50% of the naming rights, advertising, cornerstone contracts, and other events, and 100% of Jets StadCo's stadium revenues, including suites, club seat premiums, parking, and game-day revenues such as concessions. Under the 2014 reimbursement agreement, supplemental stadium revenues are pledged to bondholders. | ||
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JFK International Air Terminal LLC |
BBB+ | U.S. |
| JFK Terminal 4 is an operating project consisting of a multilevel passenger terminal building, including two airside-facing linear concourses and a landside-facing main terminal. JFK International Air Terminal LLC's (JFKIAT) role was to design, construct, and operate the project pursuant to a lease and certain other contracts with PANYNJ. Initially financed with the series 6 bonds in 1997, the "New Air Terminal" replaced the International Arrivals Building. JFKIAT has overall operational and management responsibility for all of Terminal 4 through 2043 (one year past the final maturity of the existing debt). Project revenues are volume-based. Delta Air Lines and affiliate carriers KLM, Virgin Atlantic, and Aeromexico provide a majority of revenues under a long-term contract, but over 30 airlines use this terminal. Delta subleased 27 gates pursuant to the anchortenant agreement. | ||
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Keele Residential Funding PLC |
A | U.K. |
| The debt at this special purpose entity was issued as part of a transaction to refurbish and operate student accommodation on the campus of Keele University. The project company, KRF, has strong links to, and dependence on, the university, which is a key factor for the underlying rating on the debt. Unlike in peer projects, KRF's operating costs are low since the university bears all operation, maintenance, and lifecycle costs and risks. | ||
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Louisville Arena Authority Inc. |
A- | U.S. |
| Louisville Arena Authority Inc. was created to oversee the design, construction, and operation of the 22,000-seat arena in downtown Louisville, Ky. known as the Yum Center. The arena is the home of the University of Louisville's men's and women's basketball programs. In addition, the arena hosts an array of other events like concerts, family shows, tradeshows, conventions, and other sporting events. The arena opened in late 2010 and is now managed by AEG. Project revenues come from three sources--net revenues from the stadium itself (from box and seat sales, advertising, and naming rights and concessions), tax increment revenues from the City of Louisville, an annual payment from the Louisville Jefferson County Metropolitan Government and a fixed payment from the University of Louisville. | ||
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Mount Oswald Colleges LLP |
AA (senior secured rating) | U.K. |
| The project will design, construct, and operate 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 allocations process at the University of Durham ensures an equal distribution of students across the colleges, and as such, the occupancy of a college is tied to the university's prestige as an institution rather than that of a specific college. | ||
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MPC Funding Ltd. |
A | Australia |
| 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 state of Victoria, Australia in 2006. ProjectCo completed the construction and fully commissioned the new facility in early 2009. ProjectCo provides a range of services to the new convention center, as well as the existing adjacent Melbourne Exhibition Centre; services include cleaning, maintenance, security, and car park management. The revenue stream from Victoria is availability based, subject to deductions for performance below levels specified in the contract. | ||
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NewHospitals (St. Helens and Knowsley) Finance PLC |
BBB- | U.K. |
| NewHospitals (St. Helens and Knowlsey) Finance PLC is a special-purpose entity that issued debt and onlent 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. | ||
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Octagon Healthcare Funding PLC |
BBB | U.K. |
| Octagon Healthcare Funding PLC is a special-purpose vehicle that issued bonds in December 2003 to refinance the bank debt incurred by Octagon Healthcare Ltd (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. 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 due to ProjectCo on year 35 (Jan. 8, 2037), year 40 (Jan. 8, 2042), and year 50 (Jan. 8, 2052). Construction was completed in August 2002. | ||
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Overland Park Convention Center Hotel |
BB+ | U.S. |
| Overland Park Convention Center Hotel is a full-service hotel located in Overland Park, Kan., an affluent city about 15 miles south of downtown Kansas City. Sheraton Operating Corp., a subsidiary of Marriott International Inc., has operated and managed the hotel since it opened in 2002. The 412-room unit is connected by a covered walkway to the Overland Park Convention Center. | ||
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Peterborough (Progress Health) PLC |
BB | U.K. |
| 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. | ||
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Plenary Health Bridgepoint L.P. |
A | Canada |
| 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 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 of the old hospital and Toronto Jail and the remaining landscaping works are now 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 for the duration of the facility maintenance and services agreement but Johnson remains responsible for all service provider obligations, including any that have been subcontracted. | ||
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Plenary Health Care Partnerships Humber L.P. |
A- | Canada |
| Humber River Regional Hospital (HRRH) 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. Project Co receives availability-based revenue during the 30-year operations period and has subcontracted operations and management to Johnson Controls. | ||
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Plenary Health Finance Co. Pty Ltd. |
A | Australia |
| Plenary Health Finance Co. Pty. Ltd. (Plenary Health Finance) is the financing vehicle of Plenary Health (CCC) Pty. Ltd. as trustee of the Plenary Health Unit Trust (Plenary Health). Plenary Health 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 thestate of Victoria, Australia expiring in June 2041. The center has started operations following completion of its construction in mid-2016. Under the contract with the state government, Plenary Health has committed to providing a range of services across the facilities, as well as undertake ongoing maintenance. Plenary will receive payment from the state based on the availability of services. | ||
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Plenary Health Hamilton L.P. |
A | Canada |
| Plenary Health Hamilton L.P. entered an agreement with St. Joseph's Healthcare Hamilton (SJHH) to design, finance, build, and maintain a new mental health and addiction care hospital and to demolish the existing facility. The hospital, in Hamilton, Ont., 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 levels above grade and one below. ProjectCo has passed down all FM and lifecycle responsibilities to Honeywell Ltd. for 30 years under a fixed price FM service agreement. | ||
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Plenary Health Niagara L.P. |
A+ | Canada |
| Plenary Health Niagara L.P. (ProjectCo) was selected to design, build, finance, and maintain a new health care complex, including the Walker Family Cancer Centre, in St. Catharines, Ont. The concession will run for 30 years from substantial completion. 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. | ||
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Plenary Properties LTAP L.P. |
A | Canada |
| Plenary Properties LTAP L.P. (the project) is an availability based, social infrastructure project, located in Ottawa, Ont. It was formed to design, build, finance, maintain, and provide IT infrastructure and services to the Long-Term Accommodation Project (LTAP) for Communications Security Establishment Canada (CSEC), the country's cryptology agency. The project began operations in July 2014. It passes down all O&M and lifecycle risk and responsibilities relating to FM to Honeywell Ltd Inc. (parent company guarantor, Honeywell International Inc.). Risks and responsibilities relating to IT infrastructure and services are passed down to ESIT Canada Enterprises Services Co. (parent company guarantor, DXC Technology Co.) | ||
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Plenary Properties NDC GP |
BBB+ | Canada |
| Plenary Properties NDC GP is a special-purpose vehicle owned by Plenary Group (Canada) Ltd. that the Ontario government mandated 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 operational. Plenary entered a 30-year fixed-price contract for FM and lifecycle services with JCLP (parent company guarantor, JCI). Given the project's limited financial cushion at the existing rating to absorb the costs escalations without the FM contract, the project's rating is tied to the credit quality of its service provider, JCI. As a result, our forecast assumes that the service provider will absorb all performance deductions and unforeseen maintenance requirements. Therefore, the rating on the guarantor constrains the rating on the project. | ||
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Queens Ballpark Co. LLC |
BBB | U.S. |
| The Queens Ballpark project is a 42,000-seat, open-air baseball stadium named Citi Field. It is home to Major League Baseball's New York Mets. The project used payments in lieu of tax (PILOTs), 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 (NYCIDA) 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 sub-lease with the Mets that requires the Mets to play all home games in the stadium. The project receives revenue from PILOTs; installment payments for season tickets; and revenue from luxury suites, club and box seats, concessions, merchandise, signage and advertising, naming rights, and specific parking revenue. | ||
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RMPA Services PLC |
BBB | U.K. |
| RMPA Services PLC used bond proceeds to finance the construction of Colchester Garrison in southeast England, for the U.K. Ministry of Defence under a 35-year PFI concession agreement. The agreement expires in 2039. The 54-month construction program was completed ahead of schedule on April 25, 2008. ProjectCo is responsible for the provision of certain hard and soft FM services and lifecycle requirements of the fully serviced living and working accommodation for about 3,500 military personnel. | ||
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S4B (Issuer) PLC |
BBB- | U.K. |
| U.K.-based special-purpose entity S4B (Issuer) PLC issued bonds and lent the proceeds to S4B Ltd. (ProjectCo). ProjectCo is using the proceeds to regenerate the Brunswick public housing estate in central Manchester. ProjectCo entered into a 25-year availability-based PFI concession with the awarding authority, Manchester City Council. The project includes the partial demolition and construction of housing, as well as the refurbishment of existing housing, the relocation of existing retail shops, and the construction of an extended care facility. The estate, which has both low-rise and high-rise buildings, currently comprises approximately 1,200 housing units. | ||
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Services Support (Manchester) Ltd. |
BBB+ | U.K. |
| 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. | ||
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SNC-Lavalin Innisfree McGill Finance Inc. |
A- | Canada |
| McGill Healthcare Infrastructure Group G.P. (known as Groupe Infrastructure Santé McGill S.E.N.C. in French; the ProjectCo) entered into a PPP with McGill University Health Centre (MUHC) to design, build, finance, maintain, and rehabilitate the McGill University Health Centre Glen Campus, a large acute care hospital in Montreal. The Glen Site comprises four clearly defined sections: An adult hospital, a children's hospital, a cancer center, and a research center. The site totals about 250,550 square meters and has 500 beds and 20 operating rooms. It also has parking areas (with about 2,735 parking spaces) and a commercial retail space of about 3,000 square meters. SNC-Lavalin Innisfree McGill Finance Inc., a subsidiary of the ProjectCo, is the issuer of senior secured notes that on-lent (as a conduit issuer) the debt proceeds to the ProjectCo. The project is an availability-based social infrastructure project with no volume risk. | ||
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Solutions 4 North Tyneside (Finance) PLC |
A- | U.K. |
| 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 PFI project agreement with North Tyneside Council. The scheme involves demolition, new build, refurbishment, and environmental works in respect of the properties. | ||
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St. James’s Oncology Financing PLC |
BBB | U.K. |
| St. James's Oncology SPC Ltd. was created to finance, design, build, and operate the Bexley Wing for St. James's University Hospital in Leeds. The project is backed by a 33-year agreement with the trust, which was signed in October 2004 and expires in December 2037. | ||
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Sustainable Communities for Leeds (Finance) PLC |
A- | U.K. |
| U.K.-based special-purpose vehicle Sustainable Communities for Leeds (Finance) PLC issued bonds and on-lent the proceeds to Sustainable Communities for Leeds Ltd. (ProjectCo). ProjectCo used the proceeds of the senior secured bonds to build, refurbish, improve, and maintain approximately 1,700 social housing units in Leeds under a 20-year project agreement with Leeds City Council. | ||
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The Coventry & Rugby Hospital Co. PLC. |
BB+ | U.K. |
| 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. | ||
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The Hospital Co. (QAH Portsmouth) Ltd. |
BBB | U.K. |
| 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 eastern Hampshire County, in south England. Construction latent defects are borne by ProjectCo after Carillion PLC'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 has always been collaborative. | ||
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The Hospital Co. (Swindon & Marlborough) Ltd. |
A- | U.K. |
| U.K.-based special-purpose vehicle The Hospital Co. (Swindon & Marlborough) Ltd. operates under a 30-year U.K. government PFI 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, southwest 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. | ||
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THP Partnership |
A- | Canada |
| ProjectCo 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, B.C. and the Campbell River and District General Hospital (CBR) in the city of Campbell River, B.C. The 153-bed, 39,700-square-meter CMX provides medical, surgical, intensive care, maternity and newborn, and some mental health and addictions services. The 95-bed, 28,000-square-meter CBR provides similar services, as well as psychiatric services. Graham Design Builders L.P. started building the hospitals in July 2014. Honeywell Ltd. is the hard FM and lifecycle service provider, and Balfour Beatty Communities L.P. provides housekeeping services during the operating period. Both hospitals achieved service commencement on April 30, 2017 as scheduled. ProjectCo receives availability-based payments from Vancouver Island Health Authority. | ||
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Transform Schools (North Lanarkshire) Funding PLC |
BBB | U.K. |
| Transform Schools (North Lanarkshire) Funding PLC is a special-purpose entity that on-lent bond and loan proceeds to Transform Schools (North Lanarkshire) Ltd. (ProjectCo). The bond and loan proceeds were used to finance the design and construction of new facilities for 24 schools across 17 project sites for North Lanarkshire Council in Scotland. Construction was completed in 2008. Subsequently, via its subcontractor, GDF-Suez Cofely, ProjectCo has provided hard and limited soft facilities maintenance services for the 32-year project agreement, which expires in 2037. | ||
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Transportation Infrastructure Properties LLC |
BBB | U.S. |
| Transportation Infrastructure Properties LLC (TrIPs) owns 36 air cargo facilities on or near 25 airports in the U.S. The project repays debt with net revenue generated under tenant leases. TrIPs owns the leasehold interest and all project assets. It is a wholly owned subsidiary of Realterm Airport Logistics Properties L.P., a partnership owned by certain institutional investors. Aeroterm, the largest third-party operator of air cargo transfer point facilities in the U.S., operates the facilities under a management agreement. | ||
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UlivingAtEssexIssuerco PLC |
A | U.K. |
| U.K.-based limited purpose entity Uliving@Essex has issued £98.2 million of senior secured debt to refinance the initial debt raised to finance the construction of new 649-bedroom and the refubishment of existing 780-bedroom student accommodation facilities at the University of Essex. Construction was completed in 2013 and FM services are now being delivered by Derwent Housing Association. ProjectCo receives 100% of the net lease fee provided that the university-reserved occupancy of the rooms at the two student accommodation blocks exceeds 83.15% (or 80.80% after 2030/2031), which is akin to an availability-style payment mechanism. | ||
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UlivingAtEssex2 Issuerco PLC |
BBB+ | U.K. |
| U.K.-based limited-purpose entity Uliving@Essex2 Issuerco PLC issued £60.6 million of rated senior secured fully amortizing index-linked bonds to finance the design, construction, and operation of a new 643-bedroom student accommodation facility for the University of Essex (UoE). The project is backed by a 50-year project agreement with UoE expiring in 2068. The 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. | ||
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ULivingAtHertfordshire |
A- | U.K. |
| U.K.-based special-purpose vehicle ULivingAtHertfordshire PLC (ULiving or ProjectCo) 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 College Lane Campus of the University of Hertfordshire at Hatfield. The development included the refurbishment of about 500 rooms, the demolition of about 1,000 rooms, and the rebuilding of about 2,500 rooms over a three-year construction period, which concluded in June 2018. | ||
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UPP Bond 1 Issuer PLC |
A- | U.K. |
| UPP Bond 1 Issuer PLC issued notes and lent the proceeds to seven special-purpose vehicles (the AssetCos) currently operating accommodation under individual long-term agreements for seven U.K. universities: the University of Kent, the University of Nottingham, Nottingham Trent University, Oxford Brookes University, Plymouth University, the University of York, and Exeter University. The AssetCos used the loans to repay the outstanding short-term project loans and terminate the swaps in place. All senior debt is cross-collateralized. | ||
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Walsall Hospital Co. PLC (The) |
BBB | U.K. |
| ProjectCo has issued bonds to finance the design, construction, and operation of new health care facilities at the Walsall Hospital for The Walsall Healthcare National Health Service Trust under a 33-year project agreement ending 2041, as part of a U.K. government PFI program. Following construction completion in 2011, ProjectCo delivers hard facility management (FM) services for both the new and retained estate at the hospital, which are carried out by Skanska Facilities Services Ltd under a long-term agreement. Soft FM is provided by the trust. | ||
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Yankee Stadium LLC |
BBB | U.S. |
| Yankee Stadium is home to the New York Yankees and is located in Bronx, N.Y. The New York City Industrial Development Agency (NYCIDA) owns Yankee Stadium and leases it to Yankee Stadium LLC (StadCo) for an initial term of 43 years that began Aug. 22, 2006. The project was funded with PILOT bonds and rental bonds issued by the NYCIDA, and opened in April 2009. The project receives revenue from season ticket and suite license revenue. | ||
| Transportation | ||
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407 East Development Group General Partnership |
A- | Canada |
| The partnership has a concession with the Ontario Infrastructure and Lands Corp. to build, operate, and maintain an extension to Highway 407 in Toronto, Canada. The project includes a 20.3-kilometer, four-to-six lane divided expressway (the main line); a 10-kilometer, four-lane divided expressway connecting the main line to Highway 401; and a five-kilometer realignment of Highway 401. The project began its 30-year operations period in early 2016. Revenue is availability based. The two equal equity owners are Cintra Infraestructuras S.A. and SNC-Lavalin Inc., and the project operator is also a joint venture between Cintra and SNC-Lavalin. | ||
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407 International Inc. |
A | Canada |
| A PPP, 407 International has a 99-year lease ending 2098 with the province of Ontario to operate and maintain Highway 407. Revenue is volume based with exposure to traffic volume. The highway has been fully operational since 2001. It runs 108 kilometers across the Greater Toronto Area and has an electronic tolling system with open tolling gantries (no need to stop to pay). The project sponsors include Cintra Infraestructuras Internacional S.L., Canadian Pension Plan Investment Board, and SNC-Lavalin Inc. | ||
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95 Express Lanes LLC |
BBB | U.S. |
| The project is a PPP with a concession from the Virginia Department of Transportation (VDOT) to operate and maintain about 31 miles of reversible managed lanes on Interstate-95 in northern Virginia between Stafford County, Va., and the city of Alexandria, Va. in the median of portions of I-95 and I-395's general-purpose lanes. The concession term is for 73 years. The owner is Transurban Group and initial construction was completed in December 2014. The project is currently building the I-395 reversible managed-lanes project under the existing concession agreement that will extend the I-95 express lanes for eight miles from its northern terminus to Washington D.C. In addition, VDOT recently accepted Transurban's offer to extend the I-95 Express Lanes 10 miles further south from its southern terminus (FredEx project). I-395 is expected to begin service in October 2019 and FredEx in late 2022. | ||
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Aberdeen Roads (Finance) PLC |
BBB+ | U.K. |
| Scotland-based entity Aberdeen Roads (Finance) issued debt to finance the design, construction, and operation of the Aberdeen Western Peripheral Route (AWPR) (Balmedie to Tipperty) in northern Scotland. The AWPR comprises approximately 55 kilometers of new dual carriageway and a small new section added to the existing A90 north of Aberdeen. The concession is availability based and was awarded by the Aberdeen City Council, acting as agent for the Scottish Ministers. The concession runs for approximately 33 years and the roads fully opened to traffic in February 2019, about 15 months later than expected. The project and construction joint venture initially comprised subsidiaries of Balfour Beatty PLC, Galliford Try PLC, and Carillion PLC. However, Carillion entered into liquidation in January 2018 and construction has been completed by the remaining two partners. | ||
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Aeropuerto Internacional de Tocumen S.A. |
BBB | Panama |
| Tocumen International Airport is Panama's primary commercial airport and its main international gateway, having accounted for almost 98% of total passenger traffic in the country as of the end of 2018. Tocumen's importance to the country stems from the link it provides to Panama City and its status as a regional hub for Copa Airlines (not rated).Tocumen is implementing one of the largest capital expenditure programs since its inception: the construction of a second terminal that will increase the airport's capacity to more than 20 million passengers per year. Odebrecht Engenharia e Construcao S.A. started construction in mid-2013 under an engineering, procurement, and construction contract. Based on the project's most recent information, the new terminal is likely to start operations during the first half of 2019. | ||
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Amey Roads NI Financial PLC |
BBB- | U.K. |
| 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 kilometers of carriageway, resulting from three separate road infrastructure improvement schemes, together with the operation and life cycle maintenance of approximately 87 kilometers of existing roads. | ||
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APP Coatzacoalcos Villahermosa S.A.P.I de C.V. |
mxAAA | Mexico |
| APP Coatzacoalcos Villahermosa S.A.P.I. de C.V., is a Mexican consortium made up of companies Mota-Engil Mexico, Calzada Construcciones, Construcciones and Dragados del Sureste, and Constructora y Promotora Malibran. In 2016, it was awarded a 10-year PPP contract by the transportation ministry for the maintenance, overhaul, and financing of 134 kilometer of the Coatzacoalcos-Villahermosa section in the Federal Highway 180 and work began in late 2016. The completion date is scheduled for early 2019 | ||
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Arctic Infrastructure L.P. |
A- | Canada |
| The government of Nunavut, Canada has mandated Arctic Infrastructure L.P. (ProjectCo) to design, build, maintain, and rehabilitate the Iqaluit International Airport project in Iqaluit, Nunavut. The project has 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. The DBJV between Bouygues Building Canada Inc. (53%) and Sintra Inc. (47%), began construction in September 2013 and achieved full service on schedule in December 2017. The 30-year operating period started at that point and the project receives availability payments from the government of Nunavut. ProjectCo has passed down the facilities' O&M and lifecycle during the service agreement's 30-year duration to a subsidiary of Winnipeg Airports Authority Inc. | ||
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Autolink Concessionaires (M6) PLC |
A | U.K. |
| Autolink Concessionaires (M6) PLC (Autolink or ProjectCo) is a U.K.-based special purpose entity established in 1997 to design, build, finance, and operate the A74(M)/M74 shadow-toll motorway in Scotland under a 30-year concession agreement granted by the Secretary of State for Scotland, expiring on July 28, 2027. Autolink funded construction through the issuance of £124.8 million 8.39% fixed-rate senior secured bonds due June 2022. Construction was completed in 1999. | ||
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Autopista del Sol Concesionaria Española S.A. |
BBB | Spain |
| Spain-based limited-purpose entity Autopista del Sol Concesionaria Española, S.A. (AUSOL) has issued €467 million fixed-rate senior secured bond and €40 million senior secured notes, both due Dec. 30, 2045. AUSOL has used the proceeds to refinance the construction, operation, and maintenance of a 96-kilometer section of the motorway between Málaga and Guadiaro in southeastern Spain. | ||
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Autopistas Metropolitanas de Puerto Rico LLC |
BBB- | U.S. |
| This project includes the PR-22 and PR-5 toll roads as well as new Bus Rapid Transit/Dynamic Toll Lanes that opened in August 2013. PR-22 is a well-established 52 mile toll road that runs along the northern coast of Puerto Rico, from San Juan to Hatillo. The road has 118 bridges and seven toll plazas with an open-barrier system. PR-5 is a four-mile toll road running from San Juan to Bayamon, a key business district, and contributes about 5% of total revenue. Project revenue are entirely volume based, and passenger cars are 96% of traffic. | ||
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Autovia de la Mancha S.A. |
BB+ | Spain |
| Spain-based Autovia de la Mancha S.A. is using the proceeds of a €110 million loan for the design, construction, and operation of a 52-kilometer shadow toll road linking the cities of Toledo and Consuegra in the Spanish region of Castilla la Mancha, south of Madrid. The construction of the road was completed in July 2005 and the concession has been operating smoothly since then. The concession term is 30 years and began on April 7, 2003. | ||
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Autovia del Noroeste Concesionaria de la Comunidad Autonoma de la Region de Murcia S.A. |
BB+ | Spain |
| Autovía del Noroeste Concesionaria de la Comunidad Autónoma de la Región de Murcia S.A. (Aunor) has issued bonds to refinance the construction, operation, and maintenance of RM-15, a 62.4-kilometer shadow toll road in southeastern Spain. The project has been in operation since October 2001 and receives revenues from its granting authority, the regional government of Murcia (Comunidad Autónoma de la Región de Murcia), based on a banding mechanism (shadow toll road). | ||
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Bridging North America G.P. |
A- | Canada |
| The project has a 36-year availability-based concession to construct, operate, and maintain the new Gordie Howe International Bridge between Windsor, Ont. and Detroit, Mich. The project includes a new 2.5-kilometer, six-lane cable-stay bridge (once complete, the largest in North America by main span of 853 meters), a port of entry complex on each side and updates to a number of interchanges on the Michigan side. Revenue is availability based, paid by the Windsor Detroit Bridge Authority, a Canadian Crown Corporation. The equity investors are ACS Group, Fluor Corp., and Aecon Group, while construction over an estimated six years through 2025 will be performed by a joint venture between Dragados, Fluor, and Aecon. | ||
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Capital City Link General Partnership |
A- | Canada |
| Capital City is a road concession to design, build, finance, operate, and maintain the Northeast Anthony Henday Drive in Edmonton, Alberta. The 27 kilometer road includes new six- and eight-lane divided freeway, plus additional basic and auxiliary lanes. There are 48 bridge structures, including nine interchanges, 10 flyovers (eight rail and two road), two river structures, and additional pregrading for future interchanges. However, there are no large bridges or tunnels along the route. The project completes the northeastern section of an outer ring road for the city. Construction began in summer 2012 and was completed in late 2016. The construction joint venture included four companies: Flatiron Constructors Canada Ltd., Dragados Canada Inc., Aecon Construction Management Inc., and Lafarge Canada Inc. The project receives availability-based payments during the 30-year operations period, with operations subcontracted to Volker Stevin Highways Ltd. | ||
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Carretera Viaducto La Venta-Punta Diamante |
mxAA | Mexico |
| The Viaducto La Venta-Punta Diamante highway is a 21.5-kilometer road located in the municipality of Acapulco, in the state of Guerrero. It has two lanes in each direction and two tollbooths: Metlapil, main house, and Pinotepa, auxiliary house. The highway is located in the southeast of the city of Acapulco and is one of the main accesses to the hotel zone of Punta Diamante. The project has the right to adjust tolls with inflation. | ||
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CerealSur S.A./ACI Airport Sudamerica S.A. |
BBB | Uruguay |
| Cerealsur S.A. is a nonoperating holding company that controls 100% of Puerta del Sur S.A.'s shares, which in turn is the concessionaire of the city of Montevideo's Carrasco International Airport. In 2003, the concession was awarded for 20 years, and in September 2014 it was extended for another 10. Carrasco International Airport is located 18 kilometers east of the city of Montevideo, Uruguay's capital city, and will remain as the main repayment source of debt issued at Cerealsur's level. | ||
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Channel Link Enterprises Finance PLC |
BBB+ | U.K. |
| Channel Link Enterprises Finance issued the notes in conjunction with the refinancing and financial restructuring of Getlink (previously Groupe Eurotunnel SA). Getlink is the ultimate parent company that owns the two concessionaires under the concession agreement for the cross-channel Fixed Link: France Manche SA (FM SA) and The Channel Tunnel Group (CTG Ltd). The Treaty of Canterbury, signed on Feb. 12, 1986, authorized the construction and operation of the Fixed Link by private concession operators and established the framework of the concession agreement, which was signed on March 14, 1986. The concessionaires were granted the right and obligation to design, finance, build, and operate the Fixed Link between France and the U.K. for an initial period of 55 years. Following extensions in 1994 and 1999, the concession will expire in 2086. | ||
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Chinook Roads Partnership |
A- | Canada |
| Chinook Roads Partnership (the project) is an availability-based road project, established to design, build, maintain, operate, and rehabilitate the Southeast Stoney Trail (the asset) in The city of Calgary, Alta. The asset consists of a 25-kilometer, six-lane divided freeway, with basic and auxiliary lanes, nine interchanges, three flyovers, and additional pre-grading for future interchanges. The project began in March 2010 and achieved traffic availability in November 2013. The project is responsible for carrying out lifecycle services and has sub-contracted the O&M services to Chinook Highway Operations Inc., which has further sub-contracted them to Mainroad Chinook Contracting, L.P. | ||
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Concesionaria Autopista Perote-Xalapa S.A. de C.V. |
mxA+ | Mexico |
| Copexa performed a debt restructuring in which it has assigned the cash flows coming from the highway “Perote – Banderilla” and the Bypass “Libramiento de Xalapa” to a senior credit facility and the subordinated debt issuance we rate. Both toll roads started operating in 2012, in July and November, respectively. Both the “Banderilla-Perote” toll road and the “Libramiento de Xalapa” toll road are part of the logistic corridor “Valle de Mexico – Puerto de Veracruz.” | ||
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Concesionaria Mexiquense S.A. de C.V. |
BBB+/mxAAA | Mexico |
| Mexico-based Concesionaria Mexiquense S.A. de C.V.'s (CONMEX) holds the concession to operate Circuito Exterior Mexiquense (CEM) toll road. On Feb. 25, 2003, the government of the state of Mexico granted the concession to construct, operate, and maintain Mexico's Eastern Highway System, known as CEM to Conmex. The concession contract expires on Dec. 31, 2051. Toll road operations began April 2011. | ||
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Connect Plus (M25) Issuer plc |
A+ | U.K. |
| The ProjectCo 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 PFI concession that was awarded in 2009 and expires in September 2039. | ||
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CountyRoute (A130) PLC |
B+ | U.K. |
| CountyRoute (A130) PLC operates a 30-year design, build, finance, and operate (DBFO) concession granted by Essex County Council in 1999 for the 15-kilometer A130 By-pass (A130), which runs from Chelmsford to Basildon in southeast England. Construction was completed in 2003. Project revenue comprises the receipt of shadow toll payments based on both road usage and availability. The split of these payments is about 55% to 45%, exposing the project to some traffic risk. The project is a wholly owned subsidiary of John Laing Infrastructure Ltd. | ||
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DirectRoute (Limerick) Finance Designated Activity Company |
BB- | U.K. |
| DirectRoute (Limerick) Finance Ltd. 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 agreement. The project comprises a 10-kilometer 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 (TII). The former concession counterparty, the National Roads Authority, merged with the Railway Procurement Agency to form TII in August 2015. | ||
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Elizabeth River Crossings Opco LLC |
BBB | U.S. |
| The project is a PPP to build, operate, and maintain the Elizabeth River Tunnels project as part of a 58-year concession agreement with the Virginia Department of Transportation (VDOT). The tunnels connect Portsmouth and Norfolk, Va., and run across the Elizabeth River. Elizabeth River Crossings 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. Overall, the project completed construction work about eight to 12 months ahead of schedule and on budget. Project revenues are volume based, with tolling on existing tunnels since Feb. 1, 2014, and on the new tunnel since August 2016. The project is owned by Macquarie Infrastructure and Skanska. | ||
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ENA Norte Trust |
BBB | Panama |
| ENA Norte Trust is a wholly owned subsidiary of Empresa Nacional de Autopistas S.A. (ENA), which holds the Corredor Norte concession, and granted toll collection rights by the government. Corredor Norte is an urban toll road located in northern Panama City, which was developed in two phases. Phase I, a 13-kilometer stretch that connects the Albrook domestic airport to the main toll plaza, Tinajitas, was completed in 1997. Toll operations began in March 1998. Phase II is a 14-kilometer road that connects Phase IIA (about 6.2 kilometers), with Phase I to the Brisas del Golf toll plaza, and Phase IIB, which connects with the Pan-American highway in the Tocumen area at the eastern end of the city where the international airport is located. | ||
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ENA Sur Trust |
BBB | Panama |
| ENA Sur Trust issued class A and class B notes totaling $395 million to finance the acquisition of Corredor Sur from ICA Panama S.A. The notes are backed by the collection rights on toll revenue from the Corredor Sur toll road, which ENA Sur S.A. controls. ENA Sur S.A., a special purpose vehicle of Panama-based Empresa Nacional de Autopistas S.A., formed ENA Sur Trust in order to issue the notes. Corredor Sur is a 19.8-kilometer long urban toll road located in southern Panama City. It connects the downtown area with the Tocumen International Airport. The Corredor Sur construction began in May 1997, it was partly opened in June 1999, and it was fully functioning by February 2000. It is divided into three sections: Tocumen-Costa del Este (12.8 kilometers), Costa del Este-Atlapa (2.4), and Atlapa-Paitilla (4.4). | ||
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Fideicomiso 1784 (Autopista Rio Verde y Libramiento la Piedad) |
mxAAA | Mexico |
| This is the issuer of subordinated debt for the Autopista Rio Verde y Libramiento la Piedad project. | ||
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Fideicomiso Autopista Monterrey-Cadereyta No. 3378 |
mxAAA | Mexico |
| This is the issuer of subordinated debt for the Periferico del Area Metropolitana de Monterrey project. | ||
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Fideicomiso CIB/2076 (Autopista Rio Verde y Libramiento la Piedad) |
mxA+ | Mexico |
| The project holds the concession to operate the Rio Verde Road (PPP plus traffic risk) and La Piedad Bypass. The project benefits from an availability tranche given that the Secretary of Communication and Transportation will provide fixed payments based on availability and has an additional one exposed to traffic risk. | ||
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Fideicomiso No. 2227 (Periferico del Area Metropolitana de Monterrey) |
mxAA | Mexico |
| The Periferico del Area Metropolitana de Monterrey (PAMM) is a toll road 69.5 kilometers in length 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. | ||
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GrandLinq GP |
A- | Canada |
| The GrandLinq project is the first stage of a regional light rail system that will ultimately connect Cambridge and Waterloo, Ont. The project is responsible for building a 19-kilometer section of light rail connecting Conestoga Mall in Waterloo to Fairview Park Mall in Kitchener with 19 stops. This stage will include an operations, maintenance, and storage facility. The concession provider and vehicle provider is the region of Waterloo. Late vehicle delivery has delayed construction completion but this risk is borne by the region and not the project. Operational revenues are availability based. Construction is being done by a consortium of Peter Kiewit Infrastructure Corp. and Aecon Construction, while operations and maintenance will be subcontracted to Keolis. Operations will last for 30 years. | ||
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GRANVIA a.s. |
A- | Slovak Republic |
| Special-purpose vehicle GRANVIA a.s. (ProjectCo) is a joint stock company incorporated in the Slovak Republic to design, build, finance, operate, and manage four sections of the R1 expressway in the southwest of Slovakia. The project was the first PPP in the country. The financing documents are governed by English law and the concession agreement is based on U.K. PFI projects. ProjectCo is owned jointly by Meridiam Infrastructure Slovakia s.a.r.l. (50%) and VINCI Concessions Slovakia s.r.o. (50%). ProjectCo entered into a 30-year concession agreement with The Ministry of Transport, Construction, and Regional Development in March 2009. Under the concession, ProjectCo receives an availability-based revenue stream, along with a small amount of safety-related payments and commercial revenue from service areas along the route. | ||
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High Speed Rail Finance 1 PLC & High Speed Rail Finance Plc |
A- | U.K. |
| 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 (OTPP) 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. | ||
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Highway Management (City) Finance PLC |
BBB | U.K. |
| 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. | ||
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ITR Concession Co. LLC |
BBB | U.S. |
| ITR is a 157-mile route across Indiana linking the Chicago Skyway in the west to the Ohio Turnpike in the east. The route has 21 toll plazas and 10 travel plazas that are operational currently. It has two distinct segments with different market dynamics. The 24-mile barrier system (where vehicles pay fixed toll amounts when crossing each barrier) between the Chicago Skyway and the Illinois state line largely serves commuter traffic. The barrier system currently accounts for 21% of total toll revenue, with about 75% of that contribution coming from light vehicles. The remaining 133-mile ticket system (where a ticket is issued upon entry and the toll is paid at the exit in proportion to distance travelled) extending to the state border with Ohio is dominated by heavy vehicle traffic (about 70% of revenue on this segment). The project was acquired out of bankruptcy by IFM Global Infrastructure in March 2015. Project revenue is volume based through the remaining 66 years of the concession. The project will self-perform all maintenance. | ||
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Kiewit Meridiam Partners LLC |
A- | U.S. |
| KMP won the PPP concession to redesign, construct, operate, and maintain the Central 70 project, a 10-mile section of I-70 running through central Denver, Colo. The concession was granted by two subsidiaries of the Colorado Department of Transport and revenues during operations are availability based. Construction is being performed by Kiewit Infrastructure Co. and includes adding capacity and lowering the road, including a covered section and a large number of intersections. The project was funded with both private activity bonds and Transportation Infrastructure Finance and Innovation Act debt. | ||
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Libramiento de Matehuala |
BBB/mxAA+ | Mexico |
| Concesiones Omega S.A. de C.V. (Omega), a Mexican infrastructure developing company, holds a 30-year concession to operate and maintain Libramiento de Matehuala (Matehuala). Matehuala is a bypass toll road located in Mexico's main freight transportation corridor, the México–Nuevo Laredo Corridor, in the state of San Luis Potosí. The bypass is 14.2 kilometers long and part of the San Luis Potosí-Saltillo highway. Construction of the toll road started in October 2003, and it started operating in November 2004. | ||
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Libramiento Plan del Rio |
mxB+ | Mexico |
| The Rio Plan Libramiento is a 12.97-kilometer road located in the center of the state of Veracruz, Mexico, in the municipality of Emiliano Zapata. It forms part of the Altiplano Corridor and joins a four-lane highway, two for each direction, between the city of Xalapa and the Port of Veracruz. The project was awarded a concession to operate this tollroad by Veracruz. | ||
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Mexico City Airport Trust |
BBB+ | Mexico |
| Mexico City Airport Trust is a financing trust that has the benefit of an assignment of all airport passenger charges generated by Mexico City's existing Aeropuerto Internacional de la Ciudad de México. The trust was also to benefit from future charges from a planned new airport for the city, but that expansion has recently been cancelled by the Mexican president. | ||
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Millennium Parking Garages LLC |
BBB+ | U.S. |
| Millennium Parking Garages LLC operates and collects revenue for the largest underground downtown parking system in the U.S., which is in Chicago. It does so under a 99-year concession and lease agreement that has 87 years remaining. The garages consist of four underground facilities in the East Loop area downtown. The total capacity is 9,176 spaces, and the total size is 3.82 million square feet. The project is subject to full parking volume and revenue exposure. Parking revenueconsists of monthly parking permits (similar to group bookings at hotels or suite sales at stadiums) and transient parking (similar to transient bookings at hotels or game-day ticket sales at stadiums). | ||
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Northwestconnect General Partnership |
BBB | Canada |
| Northwestconnect General Partnership was selected to design, build, maintain, and operate the northwest section of the Anthony Henday Drive ring road in the city of Edmonton. The project constructed a total of approximately 22 kilometers of a new four to six-lane divided freeway, and included five further grade separations and flyovers to cross the intersecting local roads and railways. Construction also included a total of 29 bridge structures. The highway was opened for traffic on Nov. 1, 2011. Carmacks Maintenance Services Ltd. is responsible for providing operating and maintenance services for 30 years under a fixed-price contract with ProjectCo, and ProjectCo receives availability-based revenue during the 30-year operating period. | ||
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Nouvelle Autoroute 30 S.E.N.C. |
BBB+ | Canada |
| Nouvelle Autoroute 30 S.E.N.C. (A30 Express) operates and maintains 42 kilometers of new four-lane highway (including the two-kilometer tolled Serge Marcil bridge) completed in 2012 and another 32 kilometers of highway on Montreal's south shore under a 34-year concession agreement (24 years remain) with the Quebec Ministry of Transport. The project earns a combination of highly stable and inflation-linked availability payments (about 63% of total revenues over the concession) and toll payments (the remaining 37%). The project is owned by ACS, Acciona, Northleaf Capital, and Teachers Insurance and Annuity Assn. | ||
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NYNJ Link Borrower LLC/NYNJ Link Developer LLC |
BBB- | U.S. |
| 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 project). The ultimate equity 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 (PANYNJ) to design, build, finance, maintain, and operate the replacement Goethals Bridge for a term of about 40 years (including a five-year construction period). The project involves construction of two three-lane, cable-stay bridges between Elizabeth, N.J., and Staten Island, N.Y. It also includes construction of the new approach structures and realignment of the existing structures, including a rail bridge, approach structures and an access road, and demolition of the existing bridge. Construction was completed in 2018 by a consortium of Kiewit, Weeks, and Massman. Operating revenues are availability based. | ||
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OPI |
mxAA+ | Mexico |
| Organización de Proyectos de Infraestructura S.A.P.I de C.V., through its subsidiary, Concesionaria Mexiquense S.A. de C.V., constructs, operates, and maintains Circuito Exterior Mexiquense toll roads and infrastructure under concessioner agreement in Mexico. The company operates as a subsidiary of OHL México, S.A.B. de C.V | ||
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Ostregion Investmentgesellschaft Nr. 1 S.A. |
B+ | Austria |
| Ostregion Investmentgesellschaft Nr. 1 S.A., an Austrian-based special-purpose vehicle, issued €775 million of senior secured bonds and loans to design, build, finance, operation, and maintain a 52-kilometer stretch of motorway to the north of Vienna under a 33-year PPP concession with the Austrian Roads Agency, Autobahnen- und Schnellstrassen-Finanzierungs-Aktiengesellschaft AG. Construction was completed in January 2010, on time and within budget. The project receives revenues in the form of availability and shadow tolls payments. | ||
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Periferico del Area Metropolitana de Monterrey (Fideicomiso No. 80698) |
mxAAA | |
| The Periferico del Area Metropolitana de Monterrey (PAMM) is a 69.5-kilometer toll road located in the Mexican state of Nuevo Leon that has been operating for more than 20 years and 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. | Mexico | |
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Plenary Infrastructure ERMF GP |
A- | Canada |
| Ontario Infrastructure and Lands Corp. and Metrolinx have selected Plenary Infrastructure ERMF GP, under a PPP agreement, to develop, design, construct, finance, and maintain the East Rail Maintenance Facility in Whitby, Ont. The maintenance facility will consist of more than 500,000 square feet of building space as well as fuel storage and tracks. It will accommodate light and heavy maintenance work and provide additional train storage to support GO Transit's planned service expansions. Furthermore, it will provide daily maintenance for passenger trains with up to 12 cars. Construction began in March 2015 and substantial completion was achieved in March 2019, roughly 2.5 months after the scheduled date. The project has a 30-year availability-based operations period and has entered a 30-year fixed-price FM contract with Honeywell Ltd. for maintenance services and renewal of the facility and plant services. The project will retain the track and signal maintenance obligations within the facility buildings. | ||
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Plenary Walsh Keystone Partners LLC |
BBB | U.S. |
| Plenary Walsh Keystone Partners LLC, under a public-private transportation partnership agreement with the Pennsylvania Department of Transportation (PennDOT), will develop, design, construct, and maintain 558 geographically dispersed, structurally deficient bridges across the commonwealth of Pennsylvania. After construction is complete, the project will maintain the bridges under a 25-year availability concession with PennDOT. Substantial completion is expected to occur in December 2017. The project is 80% owned by Plenary Group and 20% by an investment entity owned by members of the Walsh family. | ||
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Purple Line Transit Partners LLC |
BBB+ | U.S. |
| Purple Line Transit Partners LLC (PLTP) will finance, develop, design, build, equip, and supply light-rail vehicles (LRV) for, and operate and maintain the Purple Line Light Rail Project under an approximately 36-year availability-based concession agreement with the Maryland Department of Transportation (MDOT) and the Maryland Transit Administration (MTA). PLTP is owned by Fluor Enterprises Inc. (15%), Meridiam Infrastructure Purple Line LLC (70%), and Star America Purple Line LLC (15%). The purple line is a 16.2 mile 21-station east-west light rail transit system in the suburbs of southern Maryland adjacent to the District of Columbia. Construction is estimated to take 70 months and has been contracted under a fixed-price, fixed-date contract to a consortium of Flour Enterprises, Lane Construction, and Traylor Bros. The LRVs will be supplied by CAF USA. The project will receive availability payments during operations. | ||
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Red de Carreteras de Occidente, S.A.B. de C.V. |
BBB+/mxAAA | Mexico |
| Red de Carreteras de Occidente, S.A.B. de C.V. (RCO) operates four toll roads under the FARAC I concession that generate revenue through the collection of tolls. Together, the roads cover approximately 610 kilometers, which connect Mexico's two largest metropolitan areas by population, Mexico City and Guadalajara, among other rapidly developing cities in the western part of the country. In addition, RCO operates two federal toll-free roads (COVIQSA and CONIPSA), for which the project receives availability and shadow payments from the federal government. | ||
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Road Management Consolidated PLC |
BB+ | U.K. |
| Road Management Consolidated PLC is a limited purpose entity that issued bonds to construct two shadow toll roads: the A1(M) between Alconbury and Peterborough and the A419/A417 between Swindon and Gloucester. Construction of both roads was completed in 1998. The two road projects are cross-collateralized. | ||
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Ruta del Maipo Sociedad Concesionaria S.A. |
BBB- | Chile |
| Ruta del Maipo Sociedad Concesionaria S.A. holds a concession to construct, operate, renovate, improve, and expand a 193‐kilometer toll road that is part of the current Route 5 in Chile. Maipo's concession runs south out of the city of Santiago to the north of the city of Talca. The original concession was established for 25 years, expiring in September 2024. However, the concession was modified to a variable term, which will end when the present value of actual revenue equals the present value of the guaranteed revenue. If the traffic revenue is below the guaranteed revenue, the concession will be extended. Otherwise, the concession will be shortened. | ||
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Rutas de Lima S.A.C |
BB | Peru |
| Rutas de Lima S.A.C signed a 30-year concession with Lima´s municipality to operate and execute mandatory and complementary construction and maintenance works along three main access points to Lima city. The concession comprises approximately 115 kilometers of road infrastructure on an aggregate basis: 95.3 of which are brownfield and 19.3 that are greenfield highways. The 115 kilometers are dividend into three tranches: Panamerica Norte (31.5) and Panamericana Sur (54.1), which are the main access roads to Lima from the north and south, and Ramiro Prialé, the access road to the city from the east (consisting of 9.7 existing kilometers plus 19.3 kilometers of new construction). | ||
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Scot Roads Partnership Finance Ltd. |
A- | U.K. |
| Scotland-based Scot Roads Partnership Finance Ltd. (the issuer) lent the proceeds of the bond issuance and a European Investment Bank loan 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, the Scottish government, that will run for approximately 33 years. | ||
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Sociedad Concesionaria Autopista Central S.A. |
A- | Chile |
| The consortium of ACS Dragados, Skanska, Sade, Belfi, and Brotec was awarded the concession for the North‐South urban toll road system in Santiago, Chile, in August 2000. Autopista Central is part of a system of four tolled urban motorways in Santiago. The Autopista Central concession consists of two major urban roads crossing Santiago from north to south. One is the continuation of Route 5, the Pan‐American Highway, running through Chile and passing close to Santiago's city center. The second road is Avenida General Velásquez, providing complementary capacity parallel to Route 5 further to the west. In total, Autopista Central provides 60 kilometers of high‐speed urban motorways (40 for Route 5 and 20 for General Velásquez). | ||
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Sociedad Concesionaria Autopista Interportuaria S.A. |
clAA | Chile |
| Sociedad Concesionaria Autopista Interportuaria is a Chilean highway concessionaire responsible for the construction, maintenance, and operation of the 14.5-kilometer Talcahuano-Penco route crossing Rocuant Island, through a concession that ends in October 2033. | ||
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Sociedad Concesionaria Autovia de la Plata S.A. |
A- | Spain |
| Sociedad Concesionaria Autovía de la Plata S.A. (AutPlata) issued bonds to finance the construction, operation, and maintenance of a 49-kilometer 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 the Spanish central government, for a term of 30 years from Dec. 14, 2012. Operations began on May 12, 2015. | ||
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Sociedad Concesionaria Costanera Norte S.A. |
A | Chile |
| Costanera Norte is part of a system of four tolled urban motorways in Santiago. The Chilean Ministry of Public Works has awarded these concessions as part of an overall plan for enhancing the capacity and level of service of key corridors. The project consists of a 30.4-kilometer, six-lane urban toll highway on the north side of the Mapocho River, the main east west corridor through Santiago, Chile. The concession also includes the Avenida Kennedy Route to the southeast that covers 7.4 kilometers of existing road and 4.5 kilometers of extension. The total length of the concession highway is 42.3 kilometers. | ||
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Sociedad Concesionaria Melipilla S.A. |
clBBB+ | Chile |
| Sociedad Concesionaria Melipilla is a Chilean two-way highway concessionaire responsible for the construction, maintenance, and operation of a 8.2-kilometer toll road known as Variante Melipilla, located 70 kilometers south of Santiago de Chile, through a 25-year concession that will end in April 2033. | ||
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Sociedad Concesionaria Vespucio Norte Express S.A. |
BBB+ | Chile |
| In 2002, Sociedad Concesionaria Vespucio Norte Express S.A. (VNE) was awarded a 30-year concession for the Sistema Américo Vespucio Nor-Poniente, an urban toll road system in Santiago, Chile, which provides 29 kilometers of high-speed urban motorways, an equal length of service roads, and seven grade separated junctions. The project is a major component of the northern and western areas around Santiago, Chile's capital city. The road, which is divided into six sections, runs through eight communities that together contain about 25% of Santiago's population. VNE is fully owned by the Brookfield Infrastructure Group, which in turn Brookfield Asset Management, through the Brookfield Americas Infrastructure, owns. | ||
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Terminales Portuarios Euroandinos Paita S.A |
BB+ | Peru |
| In 2009, Terminales Portuarios Euroandinos Paita S.A won a 30-year concession contract to design, build, finance, operate, and transfer assets at the port of Paita in the Piura region of northern Peru. The concession is governed by compliance with mandatory and additional investments, which total about $270 million, divided in four stages. The port handles more than 200,000, 20-foot equivalent units annually (primarily exports of regional agricultural and hydro-biological products). It's the second-largest container port in Peru, after El Callao, located 1,000 kilometers from Paita, which handles about 90% of the national cargo. | ||
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Toll Road Investors Partnership II L.P. |
BBB- | U.S. |
| The project has a concession through 2056 (with a possible 10-year extension) to operate the Dulles Greenway, a six-lane, 14-mile tolled highway approximately 30 miles northwest of Washington DC. It opened to traffic in 1995 and has a closed-barrier ramp system with one mainline barrier at the eastern end. | ||
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Verdun Participation 2 S.A. |
BBB- | France |
| France-based Verdun Participation 2 S.A. (VP2) is the 100% owner of Compagnie Eiffage du Viaduc de Millau (CEVM), which holds the concession with the French government until 2079 for the operation and maintenance of the Millau Viaduct, a 2.5 kilometer road viaduct in southern France. Under the concession, CEVM is responsible for the O&M of the viaduct, and the collection of user tolls, the project's sole revenue source. The viaduct has been open since 2004 and Compagnie Eiffage du Viaduc de Millau Gestion et Developpement, a 99%-owned subsidiary of CEVM, provides the O&M services. | ||
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WVB East End Partners LLC |
BBB+ | U.S. |
| WVB East End Partners LLC is a road project that includes a 1,680-foot tunnel and an approximately 2,500-foot cable-stayed bridge, together with smaller bridges and road construction/rehabilitation extending about eight miles just upriver from Louisville, Ky. The bridge crosses the Ohio River, which divides Kentucky and Indiana. WVB has executed a public-private agreement with the Indiana Finance Authority to design, build, finance, maintain, and operate the project for a 35-year term. WVB is equally owned by VINCI Concessions S.A.S. (100% subsidiary of VINCI S.A.), BBGI Management HoldCo S.à.r.l., and Walsh Investors LLC (a partnership owned by the Walsh Family, which owns the Walsh Group). A consortium of Walsh and Vinci completed construction in December 2016, and the project receives availability payments through the operations period. | ||
This report does not constitute a rating action.
| Primary Credit Analyst: | Ben L Macdonald, CFA, Centennial (1) 303-721-4723; ben.macdonald@spglobal.com |
| Secondary Contacts: | Michela Bariletti, London (44) 20-7176-3804; michela.bariletti@spglobal.com |
| Anne C Selting, San Francisco (1) 415-371-5009; anne.selting@spglobal.com | |
| Pablo F Lutereau, Buenos Aires (852) 2532-8068; pablo.lutereau@spglobal.com | |
| Simon G White, New York + 1 (212) 438 7551; Simon.White@spglobal.com | |
| Richard M Langberg, Hong Kong (852) 2533-3516; Richard.Langberg@spglobal.com | |
| Karl Nietvelt, Paris (33) 1-4420-6751; karl.nietvelt@spglobal.com | |
| Andreas Kindahl, Stockholm (46) 8-440-5907; andreas.kindahl@spglobal.com | |
| Susan Gray, New York + 1 (212) 438 0040; susan.gray@spglobal.com | |
| Kyle M Loughlin, New York (1) 212-438-7804; kyle.loughlin@spglobal.com | |
| Trevor J D'Olier-Lees, New York (1) 212-438-7985; trevor.dolier-lees@spglobal.com | |
| Gabe Grosberg, New York (1) 212-438-6043; gabe.grosberg@spglobal.com | |
| Michael V Grande, New York (1) 212-438-2242; michael.grande@spglobal.com | |
| Aneesh Prabhu, CFA, FRM, New York (1) 212-438-1285; aneesh.prabhu@spglobal.com | |
| Dhaval R Shah, Toronto (1) 416-507-3272; dhaval.shah@spglobal.com | |
| Beatrice de Taisne, CFA, London (44) 20-7176-3938; beatrice.de.taisne@spglobal.com | |
| Pierre Georges, Paris (33) 1-4420-6735; pierre.georges@spglobal.com | |
| Candela Macchi, Buenos Aires (54)-11-4891-2110; candela.macchi@spglobal.com | |
| Julyana Yokota, Sao Paulo + 55 11 3039 9731; julyana.yokota@spglobal.com | |
| Abhishek Dangra, FRM, Singapore (65) 6216-1121; abhishek.dangra@spglobal.com | |
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