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20 Apr, 2021 | 17:07
APAC, United States of America, Latin America, Canada, EMEA, APAC

Industry Report Card: Project Finance Forges Ahead After Year Of Disruption

Sector Infrastructure & Utilities Project Finance
Tags Americas Latin America APAC EMEA

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Table of Contents

Key Takeaways

The COVID-19 pandemic was the primary driver of an increase in the downgrade-to-upgrade ratio to 3.8x in 2020 from 1.2x in 2019.
S&P Global Ratings downgraded just below 20% of the portfolio during this period of economic stress, equating to 58 out of just over 300 rated projects, with the largest impact in transportation and social infrastructure projects exposed to volume risk (such as airports, toll roads, stadiums, student accommodation and convention center hotels).
We downgraded 33% of the transportation deals in 2020 and 17% of social infrastructure deals.
By comparison, the power project portfolio was more stable, with about 12% downgraded in 2020. However, only a third of the power projects are fully merchant-exposed, and that part of the power portfolio saw similar volatility to other asset classes.
The portfolio remains heavily weighted at low investment grade, with about half the portfolio in the 'BBB' category.

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The coronavirus pandemic meant that 2020 was a year of disruption across the world, with millions of people and corporations severely impaired by the spread of COVID-19. Global GDP declined 4% last year amid travel restrictions, lockdowns, and social distancing measures that decimated many industries and affected work environments, delivery of education, and many industry supply channels. This has led to the deepest recession since the Great Depression in the 1930s.

In January 2021, the World Bank estimated the U.S. and Europe GDP declined by 3.6% and 7.4%, respectively, in 2020. This compares to a decline of 2.5% and 4.6%, respectively, during the peak of the global financial crisis in 2009 and estimates of up to a 30% decline in the U.S. GDP from 1929 to 1933. However, the declines in 2020 were after governments and central banks stepped in with unprecedented amounts of fiscal and monetary stimulus. Due to a combination of the resultant accommodative rate environment and industry need for liquidity, global bond issuance came in at $8.3 trillion for the year, up 18% compared with 2019. Across the rated project finance portfolio, we saw three impacts: a slowdown in new issuance in the first half of the year, a number of debt restructurings later in the year, and a large jump in the number of rating downgrades.

Portfolio review

We break the project finance portfolio into three main sectors--power, social infrastructure, and transportation--with a smaller number of deals in other sectors such as oil and gas, industrial, and natural resource/mining transactions. Despite the global pandemic, S&P Global Ratings' project finance portfolio grew slightly in the last two years, mainly driven by new transactions in Latin America, Europe, and the Middle East. As of Dec. 31, 2020, S&P Global Ratings publicly rates 256 entities, compared with 253 when the last report card was published in early 2019.

However, some issuers choose to maintain private rather than public ratings, and our total project finance portfolio remains above 300 distinct issuers. Our infrastructure team also covers a larger number of corporate entities in the power, midstream, transportation, and social infrastructure sectors. We rate these other entities under general corporate criteria, or if they have some structure but not sufficient for a project finance approach, under our structurally enhanced debt or project developer criteria.

Within project finance, power remains the largest sector, covering 37% of the portfolio (up from 31% two years ago). Social infrastructure is 28% of the portfolio (down from 32%) while transport has grown to 27% of the portfolio (25% last time). Oil and gas projects make up 7% of the portfolio and the remainder is spread among industrial, desalination, and sporting team projects.

Regionally, we categorize projects into the U.S., Canada, Europe, Middle East and Africa, Latin America, and Asia-Pacific. The percentage of projects in the U.S. has declined slightly from 34% to 32%, while Canada remains stable at 11%. The percentage in Europe and the Middle East has grown 1% to 32% and Latin America has remained stable with 20% of the portfolio. The remaining 5% of projects are in the Asia-Pacific region.

Since the last report in March 2019, we saw 50 new ratings and 38 that either reached debt maturity or were withdrawn (because of a refinancing, an issuer request, or default). In 2019, the portfolio had a ratio of 21 upgrades to 25 downgrades, whereas in 2020 the ratio was 15 upgrades to 58 downgrades; the downgrade-to-upgrade ratio moved from 1.2 to 1 in 2019 to 3.8 to 1 in 2020. In each year, half the downgrades were a single notch, around a quarter were moved down two notches, and 12%-14% were moved down three notches, with a handful moved more than three notches. The ratio of one-notch to two-notch to three-notch downgrades didn't change significantly year over year, but the absolute number of rating actions more than doubled.

The rating movements in 2020 were concentrated on volume-based projects, particularly in the transportation and social infrastructure space (airport, parking, toll-road-volume exposed transactions, convention center hotels, and stadiums were most deeply affected). In contrast, the oil and gas and power projects were more stable in aggregate, with downgrade-to-upgrade ratios in 2020 between 1 to 1 to 1.5 to 1. We note that power projects can be structured with very different levels of exposure to market prices, and as a result, we have seen two extremes in rating performance within the power sector. Around two-thirds of the power portfolio have limited market exposure in the near term due to some combination of fixed-price offtake agreements, tolling agreements, or hedging. We have also seen less of a decline in electricity demand compared to the falloff in road and air travel volumes and hotel occupancy stemming from COVID-19 shutdowns. Nevertheless, around one-third of the power projects are fully merchant-exposed, and these projects are experiencing some stress due to lower power prices, particularly in U.S. markets.

We have seen strong recovery in many road projects in late 2020 and early 2021, although such recovery still contains many uncertainties. We also expect to see some recovery in accommodation, leisure, and air transport volumes over the next year or two, so we expect a majority of the COVID-19-related downgrades have already occurred. However, some projects, particularly those that are still closed down, are drawing on liquidity reserves to pay debt service, therefore we also expect additional defaults or restructurings over the next one to two years (to lower debt-service obligations or raise additional liquidity while the recovery ramps up).

Sector distribution

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Issuer Review

Note: All ratings are as of Dec. 31, 2020, and we only list the rating for the senior tranche of debt.

Issuer Review
Project Name	Country	Rating	Description
Industrial
DTE Energy Center LLC	U.S.	BBB+	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 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) 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 Co.; and 50% by an affiliate of Commerzbank AG.
Gemini HDPE LLC	U.S.	BB	Gemini HDPE LLC operates a high-density polyethylene plant in La Porte, Texas. Construction of the facility was completed in 2017. Gemini produces a wide array of HDPE products, but primarily focuses on bimodal-grade HDPE. The project is a 50/50 joint venture between Ineos AG and Sasol Ltd.
Iowa Fertilizer Co. LLC	U.S.	BB-	The Iowa Fertilizer Co is located in southeastern Iowa in the center of the Midwest corn belt. It began commercial operations in 2017, and the plant's final sellable nitrogen products includes 1.7 million-2.2 million short tons of ammonia, urea, urea ammonium nitrate, and diesel exhaust fluid. It is a subsidiary of OCI, N.V.
Metropolitan Biosolids Management LLC	U.S.	BBB	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.
Natgasoline LLC	U.S.	BB-	Natgasoline is a natural gas-based methanol production facility in Beaumont, Texas, with capacity of about 1.75 million metrics tons per year. The facility has access to multiple natural gas pipelines and nearby storage. The project is a joint venture of OCI N.V. and Consolidated Energy Ltd. G2X, with each owning a 50% stake.
Oil & Gas
Abu Dhabi Crude Oil Pipeline	United Arab Emirates	AA	Abu Dhabi Crude Oil Pipeline LLC's 405-kilometer operational pipeline 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 under a 37-year contract, which extends beyond maturity of project debt. The pipeline has a minimum throughput requirement of 600,000 barrels per day (bpd) and capacity of 1.5 million bpd.
Alliance Pipeline L.P.	U.S.	BBB+	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 are dependent upon one another.
Alliance Pipeline L.P.	Canada	BBB+	The Canadian issuer for the Alliance Pipeline system.
Belfast Gas Transmission Financing PLC	Ireland	A (SPUR) / AA	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	U.S.	A	Cameron is a limited-purpose entity that owns and operates a 13.92-million-ton-per-year liquefied natural gas (LNG) project that consists of export facilities and three trains. The project is in Hackberry, La., and achieved commercial operations of all three trains in August 2020. Cameron will repay debt with cash flow from 20-year tolling agreements with Total S.A., and affiliates of Mitsubishi Corp. and Mitsui & Co., Ltd. Cameron is owned by Sempra Energy, Total, Mitsui & Co., Ltd., and Japan LNG Investment LLC (a joint venture formed by subsidiaries of Mitsubishi Corp. and shipping company Nippon Yusen Kabushiki Kaisha).
Cheniere Corpus Christi Holdings LLC	U.S.	BBB-	U.S.-based project Cheniere Corpus Christi Holdings LLC (CCH) engages in liquified natural gas-related businesses in the U.S. It has two trains in operation since late 2019 and a third train undergoing commissioning in the first quarter of 2021. The project also owns a 23-mile 48-inch diameter natural gas supply pipeline. CCH is located on a 2,000 acre site near Corpus Christi, Texas, and is wholly owned by Cheniere Energy Inc.
Delek & Avner (Tamar Bond) Ltd.	Israel	BBB-	In May 2014, the issuer issued $2 billion of limited-recourse secured bonds and onlent the bond proceeds to Delek Drilling Ltd. Partnership and Avner Oil Exploration Ltd. Partnership (after their merger in May 2017, they are together known as Delek Drilling). Delek Drilling currently owns a noncontrolling 22% interest in the lease for the production of natural gas and condensate from the Tamar gas field, located approximately 100 kilometers west off the coast of Haifa in Israel. The field has been in production since 2013. The issuer currently has three series of notes remaining with an aggregate balance of $720 million. These series are bullet maturities, but the bonds benefit from a principal repayment feature based on the combination of a cash-sweep-like accumulation mechanism that starts 12-18 months before each maturity date and a cash reserve mechanism. The debt is serviced from a proportionate share of revenues generated from the agreements for the sale of gas and condensate reserves in the Tamar field.
Fermaca Enterprises S. de R.L. de C.V.	Mexico	BBB	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 (MMCFD), 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, for 30 MMCFD, about one-third of total capacity without compression.
FLNG Liquefaction 2 LLC	U.S.	BBB	FLNG Liquefaction 2 LLC (FLIQ2) is a project developed by Freeport LNG that constructed and is now operating a liquefaction train that converts natural gas to liquefied natural gas (LNG) in the U.S. Gulf Coast. Construction was completed in early 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	U.S.	BBB	FLNG Liquefaction 3 LLC (FLIQ3) is the third liquefaction train being built by Freeport LNG Development LP in the U.S. Gulf Coast. Construction was completed in the second quarter of 2020 by a construction joint venture between CB&I, Zachry Industrial Inc., and Chiyoda International Corp. The project has offtake agreements with Toshiba Corp and SK E&S LNG.
Leviathan Bond Ltd.	Israel	BB-	The Leviathan field is an offshore gas field in the eastern Mediterranean. It was discovered in 2010 and is the largest natural gas reserve in Israel. The Reserve report indicates proved developed producing reserves (1P) totaling 11,380 billion cubic feet (BCF) of gas and 20.4 million barrels (MMbbl) of condensate oil as of June 2020, when it started producing an annual capacity of 12 BCM. Leviathan Bond issued debt and onlent to Delek Drilling, which has a 45.3% interest in the field. Debt is structured a number of bullet payment, and the project will pay debt service from revenues from Delek Drilling's pro rata share of revenues from the gas field. The project pays interest twice per year and will accrue funds ahead of each bullet maturity (and refinance the remainder of each bullet).
Limetree Bay Terminals LLC	U.S.	B+	Limetree Bay Terminals LLC is a 34 mmbbls crude oil and refined product terminal storage and marine facility in St. Croix, U.S. Virgin Islands. The facility consists of 167 tanks, with deep water access to 11 docks including a single-point mooring buoy capable of loading and discharging vessels up to very large crude carriers size.
MV24 Capital B.V.	Brazil	BB	FPSO Cidade de Mangaratiba MV24 is a production platform deployed in October 2014 that can produce 150,000 barrels of oil per day and 280 cubic meters of gas, and has a storage capacity of 1.6 million barrels of fluids. The asset is owned by a consortium of Japanese companies with construction financed by JBIC. It is 240 miles off the coast of Brazil, in the pre‐salt field Lula‐Iracema--Basin BMS‐11. The basin is owned by Petrobas, Shell, and Galp, and the production platform derives revenues from a 20‐year U.S. dollar-denominated charter agreement from October 2014 to October 2034 under a fixed-availability price of $494,553.66 (about $503,703 as of October 2018) annually adjusted by the U.S. CPI.
North West Redwater Partnership	Canada	BBB+	North West Redwater Partnership (NWR) operates an upgrading and refining facility with processing capacity of 78,655 barrels per day of bitumen blend. The refinery is in Alberta's industrial heartland 40 km northeast of Edmonton. The project is a 50-50 partnership between NWU L.P. and Canadian Natural Upgrading Ltd. NWR began production in June 2020, and earns revenue through fee-for-service tolling agreements with Canadian Natural Resources Partnership (CNRP; owned by Canadian Natural Resources Ltd.) and the Alberta Petroleum Marketing Commission (APMC).
Odebrecht Drilling Norbe VIII/IX Ltd	Brazil	B-	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	Brazil	CCC+	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	United Kingdom	A	ProjectCo owns and manages the 61-centimeter-diameter Scotland-Northern Ireland Pipeline and the Belfast Gas Transmission Pipeline that extends it, through which all of the gas that is currently consumed in Northern Ireland flows from the Great Britain (GN) system. The pipeline runs 135 kilometers (km), out of which 90 km onshore in Scotland, 42 km offshore crossing the Irish Sea and 3 km onshore in Northern Ireland. It has a contracted capacity entitlement of up to 8.08 million cubic meters per day.
Ras Laffan Liquefied Natural Gas Co. Ltd. II and Rass Laffan Liquefied Natural Gas Co. Limited (3)	Qatar	A	Ras Laffan Liquefied Natural Gas Co. Ltd. II (RLII) and Ras Laffan Liquefied Natural Gas Co. Ltd. (3) (RL3) are liquefied natural gas (LNG) production facilities. 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 annum (mtpa) and 15.6 mtpa production capacity, respectively. The debt issuance refinanced the construction costs of RLII, and funded the remaining construction activities of RL3, which were fully completed in 2011 following the completion of train 7. RL currently has $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	U.S.	BBB-	SPL, a subsidiary of Cheniere Energy Partners L.P. , is developing, constructing, and operating a six-train liquefied natural gas (LNG) production project in Louisiana that obtains natural gas and converts it into LNG and sells it to offtakers, who pay a fee for production capacity and for each unit of LNG produced. Trains 1-5 are operational, and Train 6 is targeted for completion in the first half of 2023. However, all previous trains achieved substantial completion early.
Other
ASR Media and Sponsorship S.p.A.	Italy	B	ASR Media and Sponsorship S.p.A. is a bankruptcy-remote special-purpose vehicle, which has raised a senior secured loan 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 20 years. ASR Media has taken over all existing contracts associated with media and sponsorship rights and will service its debt based on revenues generated via these contracts.
VID - Desalination Co. Ltd.	Israel	ilAA-	VID - Desalination Co. won the tender to build and operate a desalination plant in Ashkelon, Israel, from 2002 through 2027, and then to transfer it to the state. The project started operations in 2005 and expanded maximum capacity to 119 million cubic meters (MCM) per year in 2010. The state is committed to pay for a minimum volume of 115 MCM/year, and can also opt to request additional water up to a total of 119 MCM/year. Project debt matures in 2025.
Power
ABY Transmision Sur S.A.	Peru	BBB	ABY Transmision Sur S.A. (ATS) consists of approximately 916 kilometers in transmission lines, comprising three 500-kilovolt (kV) lines and two short 220kV lines linking to existing substations (Chilca); three new 500kV 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.
Adani Green Energy Ltd. Restricted Group 2	India	BBB-	Adani Green Energy Ltd. Restricted Group 2 comprises three entities, Wardha Solar (Maharashtra) Private Ltd., Kodangal Solar Park Private Ltd., and Adani Renewable Energy (RJ) Ltd. The notes are issued by each issuer, which has unconditionally and irrevocably guaranteed the payment of all sums payable by other issuers. The project bond was issued to refinance the existing debt of each issuer. The three companies collectively own and operate a portfolio of 10 operational solar assets with 570 megawatts (MW) of total installed capacity, with 370 MW in India's Karnataka and the remaining 200 MW in Rajasthan. The project has 10 long-term power purchase agreements, with 61.4% of total capacity sold to government-owned Solar Energy Corp. of India Ltd. (SECI), and the remainder to state-owned distribution networks Maharashtra State Electricity Distribution Co. Ltd. (35.1%) and Bangalore Electricity Supply Co. Ltd. (3.5% of total capacity). The projects began production between early 2018 and August 2019.
Alta Wind Holdings LLC	U.S.	BBB-	Alta Wind Holdings LLC owns and operates, through its subsidiaries, four wind power projects (Alta Wind Projects II through V) totaling 570 megawatts in the Tehachapi Pass region of California, about 100 miles north of Los Angeles. The project sells power to Southern California Edison Co. under long-term power purchase agreements (PPAs) and service debt with cash flow from energy sold under the PPA. Alta is wholly owned indirectly by NRG Yield Inc.
Astoria Energy LLC	U.S.	BB-	Astoria Energy LLC owns a nominal 615-megawatt (MW) combined-cycle natural gas-fired power plant in Zone J (NYC), a highly constrained and competitive electricity region in NYISO. The power plant began commercial operations in mid-2006, supplying most of its power to Consolidated Edison Inc. under a 10-year power purchase agreement through mid-2016, and it became a fully merchant generator when that contract expired. The facility consists of two GE combustion turbine generator sets, two Alstom heat recovery steam generators with supplemental firing capability, and one Alstom steam turbine generator. Natural gas is the primary fuel, and the project stores low sulfur distillate fuel oil onsite as a backup fuel.
Borger Energy Associates L.P./Borger Funding Corp.	U.S.	B-	Borger Energy Associates L.P./Borger Funding Corp. is a 230 megawatt 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 a 25-year power purchase agreement. 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.
Breeze Finance S.A.	Luxembourg	CCC+	Breeze Three is a Luxembourg‐based special‐purpose entity, which has raised funds for the Breeze Three wind power partnership that comprises 43 wind farms in Germany and France with a total installed capacity of about 350 megawatts. The majority of the farms, representing 90% of the planned capacity of the project, are located in Germany.
Cachoeira Paulista Transmissora de Energia S.A.	Brazil	brAAA	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.
Caldeirao Grande Energias Renovaveis S.A.	Brazil	brAA+	Caldeirão Grande owns seven special-purpose entities that together form the Caldeirão Grande I wind farm cluster. The project is in the state of Piauí, in northeastern Brazil. Commercial operations started in mid-2017 and the project has a free-market power purchase agreement (PPA) with Companhia Energética de Minas Gerais S.A. (CEMIG) totaling 89 average megawatts (MWa) maturing in December 2035. The cluster has a total installed capacity of 189 MW distributed through 70 Alstom ECO122 turbines and its concession ends in October 2043. The project is wholly owned by Ibitu Energia S.A., a company focused on the development, construction, operation, and maintenance of wind and hydro power generation and energy trading. Ibitu operates a total of 822 MW, covering five wind facilities and three hydro plants distriburted across Brazil. Ibitu is indirectly controlled by Vientos Energy, which is owned by Castlelake L.P., a global private investment firm.
Carroll County Energy LLC	U.S.	BB	Ohio-based Carroll County Energy (CCE) is a natural-gas-fired combined-cycle plant with a 700-megawatts capacity. CCE dispatches into the AEP zone of PJM. It has been operating since December 2017, has a revenue put stabilizing revenues through 2023, and gas-supply agreement with DTE via the Tennessee Gas Pipeline. Project debt is a term loan B due in 2026.
CE Oaxaca Cuatro, S. de R.L. de C.V.	Mexico	BBB	A wind farm project with total installed capacity of 102 megawatts in Oaxaca, Mexico. The project has been fully operational since March 5, 2012, and delivers 100% of the electricity it generates to CFE (Mexico's Federal Electricity Commission under a power purchase agreement that terminates in 2032.
CE Oaxaca Dos, S. de R.L. de C.V.	Mexico	BBB	CE Oaxaca Dos, S. de R.L. de C.V. is a 102 megawatt (MW) wind farm in the Isthmus region of Tehuantepec in the state of Oaxaca, 17 kilometers from the Pacific Coast. The wind farm is comprised of 68 wind turbines laid out in three sections, and is indirectly owned by Spain-based Acciona S.A. It has a 20-year take-or-pay power purchase agreement with Comisión Federal de Electricidad that runs through 2030 for all energy produced.
Celeo Redes Operacion Chile S.A.	Chile	BBB	Celeo Redes owns two trunk transmission lines in operations located in Chile's main power grid, Sistema Interconectado Central). The assets are the 256-kilometer (km) Alto Jahuel Transmisora de Energia S.A, and the 198 km Charrua Transmisora de Energia S.A. 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.	Chile	brAAA	Celeo Redes Transmissao is a non-operating holding company with two operational transmission lines--the 324-kilometer (km) Vila do Conde Transmissora de Energia S.A. and 695-km LT Triangulo S.A.--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%, according to the concession contract.
Chambers Cogeneration Ltd. Partnership	U.S.	BBB	Chambers Cogeneration L.P. owns and operates a 285‐megawatt (MW) pulverized coal‐fired cogeneration power plant in Carneys Point, N.J. The plant began operations in September 1994. It is a qualifying facility 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; A-/Stable/A-2) on a dispatchable basis under a long-term power purchase agreement that expires on March 15, 2024.
Chapada do Piaui I Holding S.A.	Brazil	brBBB-	Chapada I is a project with seven wind parks with 115 GE turbines and 205.1 megawatts (MW) of installed capacity, and 114.3 MW of assured energy on an aggregate basis. Construction was completed in 2015. The parks are in the state of Piaui in northeast Brazil, and the project has a long-term power purchase agreement for all production for 20 years with Câmara de Comercialização de Energia Elétrica.
Compass Power Generation, LLC	U.S.	BB-	Compass Power is an independent power producer with three operating assets--the Marcus Hook Energy Center (which has a capacity contract to 2030 and also sells energy into PJM), Dighton (based in ISO-New England, with a capacity contract through 2021 and merchant energy exposure), and Milford (also in ISO-NE, with cleared capcity through 2027).
Continental Wind LLC	U.S.	BBB	Continental Wind is a portfolio of 13 wind power projects totaling 667 megawatts across Oregon, Idaho, Kansas, New Mexico, Texas, and Michigan. It earns cash flow from long-term power purchase agreements and renewable energy credit agreements with utilities, cooperatives, and municipal generators and from federal production tax credits. Exelon Generation Co. LLC indirectly owns Continental Wind. It uses multiple turbine providers (GE, Nordex, Vestas, Suzlon and REpower) and different operators at the various locations, and the plants achieved commercial operations between 2008 and 2012. The project debt amortizes in full by 2033.
CPV Shore Holdings LLC	U.S.	BB	CPV Shore Holdings LLC is a natural-gas-fired combined-cycle generation plant based in Woodbridge, N.J. The power plant consists of two duct-fired triple pressure reheat heat recovery steam generators, two wet evaporative cooled GE 7FA.05 gas turbines, and one GE D11 steam turbine. CPV generates net output of approximately 725 megawatts using a heat rate 6,900 Btu/kW technology. CPV obtains natural gas, via a dedicated lateral, from the nearby Transco Mainline (Zone 6 NNY) with planned dual interconnect with TETCO Mainline (M3). Commercial operations began in 2016, and the project is in the PJM power market and sells all production on a merchant basis.
CRC Breeze Finance S.A.	Luxembourg	CCC+	CRC Breeze Finance S.A. (Breeze Two) is a Luxembourg-based special-purpose entity, which 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.
Crockett Cogeneration, A California L.P.	U.S.	B+	Crockett Cogeneration, a California L.P., is a 240-megawatt 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. under a power purchase agreement 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.
CSolar IV South LLC	U.S.	BBB+	CSOLAR IV South LLC (CSolar) is 130‐megawatt (AC) fixed-tilt thin-film solar photovoltaic power project in California's Imperial Valley. The project began commercial operations on Nov. 1, 2013, and operates under a 25-year as-available power purchase agreement with San Diego Gas and Electric Co. CSolar is jointly owned by affiliates of Tenaska Energy Inc. and the Prudential Insurance Co. of America. First Solar supplied the panels and is also the operator of the plant.
Desarrollos Eolicos Mexicanos de Oaxaca 1 S.A.P.I. de C.V.	Mexico	mxBBB+	The project is a wind farm in Mexico with 45 turbines and generation capacity of 90 megawatts. Commercial operations began in 2012. An earthquake in 2017 damaged 25 turbines; all were repaired and brought back into operation by 2019. The project has an energy sales agreement with Grupo Bimbo through 2030 and operations and maintenance is currently managed under a 10-year contract with Gesa.
Eastern Power LLC	U.S.	BB-	Eastern Power LLC is a project-financed portfolio of seven merchant assets totaling 4.9 GW: 1) Covert, a 1,176 megawatt (MW) combined cycle gas turbine in Michigan, sells to the Pennsylvania-Jersey-Maryland (PJM) 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	U.S.	BB	The 3,187 megawatt (MW) Edgewater portfolio consists of five natural gas-fired assets, with some of which have dual-fuel capability. The 1,320-MW Fairless Power Station is in Pennsylvania within the Pennsylvania-New Jersey-Maryland Interconnection (PJM). Also within PJM are the 545-MW West Lorain peaking facility near Lake Erie in Ohio and the 309-MW Garrison facility in Dover, Del. The 510-MW Manchester Street Power Station is in Rhode Island within Independent System Operator New England (ISO-NE), and the 503-MW RockGen facility is in Christiana, Wis., within the Midcontinent ISO region. The project's sponsor is Starwood Energy Group.
EFS Cogen Holdings I LLC	U.S.	BB-	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 806 megawatt (MW) Linden 1-5 facility, completed in May 1992, and the 165 MW Linden 6 facility, completed in January 2002. Linden 1-5 sells power on a merchant basis into the New York Independent System Operator (NYISO) Zone J market and sells steam to Infineum USA LP and Phillips 66 under long-term contracts through April 2032. Linden 6 provides power for the Phillips 66 Bayway Refinery, with any electricity not used by Phillips 66 sold on a merchant basis into the Pennsylvania-New Jersey-Maryland Interconnection LLC (PJM). Linden 6 also sells 20 MW of electric capacity on a merchant basis into PJM.
EIF Channelview Cogeneration LLC	U.S.	B+	Channelview is an 856-megawatt (MW) and 1.75 million pounds per hour of steam combined-cycle gas-fired cogeneration power plant 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	Chile	A-	Eletrans owns two trunk transmission lines in Chile--the Cardones-Diego de Almagro, a 156-kilometer (km), 220 kV with two circults that commenced operation in 2015 and 2016 respectively; and Ciruelos-Pichirropuli, a 71-km, 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 revenues are availability based and index linked.
Elwood Energy LLC	U.S.	BB+	Elwood is a 1,350-megawatt peaking plant about 50 miles southwest of Chicago. The project is fully merchant and has nine simple-cycle 7FA combustion turbines sourced from General Electric Co. Each turbine earns revenue by selling production capacity and electricity into PJM Interconnection LLC's ComEd power market.
Emirates Sembcorp Water & Power Co. PJSC	United Arab Emirates	A-	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 megawatts (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 sold to Emirates Water and Electricity Company (formerly Abu Dhabi Water and Electricity Co.).
Exeltium S.A.S.	France	BBB-	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 off-take 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.
FEL Energy VI, S.A.R.L.	Mexico	BBB-	The project is a 875-megawatt (MW) combined cycle natural gas turbine located near the city of Guadalajara in the state of Jalisco, Mexico. The plant is fully constructed and is operating. It has a 20-year power purchase agreement for 600MW of capacity with a subsidiary of Comisión Federal de Electricidad, and sell the remainder of its net capacity and energy to a number of other offtakers under shorter term PPAs. It has a 20 year natural gas supply agreement with CFE and has outsourced operations and maintenance to NAES Mexico and General Electric Global Services.
FSL Issuer S.A.U.	Spain	BBB (SPUR) / AA	FSL Issuer S.A.U. issued debt to refinance existing debt on nine operational photovoltaic power plants with total capacity of 65MW. The projects have contracted revenues under the Spanish regulatory framework for renewable projects for terms that run until 2037 to 2041. 98.5% of the panels are crystalline silicon and 1.5% are thin film technologies. Panel and inverter providers are diversified.
Geradora Eolica Bons Ventos da Serra I S.A.	Brazil	brA+	Bons Ventos is an onshore wind-power project finance. It owns and operates a wind power project, Malhadinha I, totaling 23.1 megawatts (MW) of installed capacity through 11 turbines (2.1 MW each). The project is located in the state of Ceará, in northeastern Brazil.
Green Country Energy LLC	U.S.	CCC+	Green Country Energy LLC (GCE) is a 795-megawatt (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.
Hallett Hill No 2 Pty Ltd.	Australia	BBB	Hallett Hill No.2 Pty Ltd. (HH2) owns 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 megawatts (MW) and is comprised of 34 turbines, each with a capacity of 2.1 MW. The wind farm was originally built by AGL Energy Ltd., which sold it in 2008 to Energy Infrastructure Trust, a wholesale unlisted unit trust focused on infrastructure assets. As part of the transaction, AGL entered into a 25-year offtake contract, under which AGL will acquire all the electricity generated by the wind farm in return for a fixed payment.
Hamilton Projects Acquiror	U.S.	BB-	The project owns the Liberty and Patriot combined cycle power plants. The plants have a capacity of 829 megawatts (MW) and 842 MW, respectively, and both reached commercial operations in 2016. Both are located in Pennsylvannia and dispatch into the PJM region.
Helix Gen Funding LLC	U.S.	BB-	Helix Gen Funding LLC is a project-financed entity sponsored by private equity fund LS Power Equity Partners III L.P. It initially acquired four unregulated power generation facilities in 2017 from TransCanada Corp, but sold all assets except the 2.4 GW Ravenswood facility, which is located in NYISO zone and can run on gas or oil.
Heritage Power LLC	U.S.	B+	Heritage Power is a portfolio of 16 power assets totalling 2.348 megawatts of installed capacity across four subregions of PJM. The facilities are gas, oil, and dual-fuel fired, and have diversity of fuel source and geography. Generation is also substantially hedged over the first four years of the life of the project. Debt is a term loan B with cash sweep.
Hummel Station LLC	U.S.	CCC+	Hummel Station LLC is an approximately 1,124 megawatt (MW) combined-cycle, natural gas fired power plant located near Snyder, Pa. The plant began commercial operation in June 2018, and dispatches into the PJM Interconnection market, selling capacity, energy, and ancillary services. It also has a heat-rate swap through 2022 that partially mitigated market risk.
Hypesol Solar Inversiones S.A.U.	Spain	BBB (SPUR) / AA	The project operates two 50 megawatts (MW) concentrated thermal solar plants (100 MW in total) that consist of rows of parabolic mirrors that concentrate sunlight onto a linear receiver where heat transfer fluid is heated, then used to produce steam, which then generates electricity through a conventional steam turbine. Both assets have been operating since 2012, and receive revenue under a Spanish-regulated regime that includes a portion for cost recovery, as well as operating cost and sale of electricity.
Invenergy Thermal Operating I LLC	USA	BB	ITOI 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 includes (on a gross capacity basis) 51% ownership in each of three assets: Hardee, a contracted 370-megawatt (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. The portfolio also includes 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.
Inversiones Latin America Power Limitada	Chile	BB+	ILAP, 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%).
Izcalli Investments S.A.U. (Enersol Solar Santa Lucia, S.A.)	Spain	BBB (SPUR) / AA	Izcalli raised debt and on-lent it to Enersol Solar Santa Lucia, an entity that owns a portfolio of nine PV solar plants in the Andalucia region of southern Spain. The portfolio has an aggregate nominal capacity of 38MW and has been operational since 2008. The project receives revenues under the Spanish regulatory framework for renewable projects for 20 years.
Jauru Transmissora de Energia S.A.	Brazil	brAAA	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.
Kestrel Acquisition, LLC	U.S.	B+	Kestrel Acquisition LLC owns the Hunterstown power plant, an 810-megawatt combined cycle gas-fired merchant power plant located the Western MAAC zone of the Pennsylvania-New Jersey-Maryland (PJM) interconnection. The project has a term loan B and is primarily owned by Platinum Equity Capital Partners IV L.P.
Kiowa Power Partners LLC	U.S.	A	Kiowa Power Partners LLP is a 1,220-megawatt (MW) combined-cycle gas-fired power plant in Pittsburg County, Okla., that sells capacity and energy under an 18-year electricity manufacturing agreement with Shell Energy North America (U.S.) L.P. 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.
Lea Power Partners LLC	U.S.	BBB-	Lea Power Partners LLC is a special-purpose, bankruptcy-remote entity formed to build, own, and operate a 624-megawatt 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 power purchase agreement 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.
Lightstone Holdco LLC	U.S.	B+	Lightstone HoldCo LLC has four power plants totalling 5.3GW in the Pennsylvania-Jersey-Maryland (PJM) power market. The projects are Darby Generating Station (480 megawatt [MW] combustion turbine), Lawrenceburg Generating Station (1.224 GW CCGT), Waterford Energy Center (882MW CCGT) and General James M. Gavin Power Plant (2.691GW supercritical coal). All plants are in Ohio or Indiana. The projects are merchant and receive capacity and energy revenues. The project has a term loan B and is owned by the Blackstone Group and Arclight Capital Partners.
LMBE-MC HoldCo II LLC	U.S.	BB-	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 Pennsylvania-Jersey-Maryland (PJM) 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.
Logan Generating Co. L.P.	U.S.	BBB-	Logan Generating Co. L.P. owns and operates a 225-megawatt (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), under a power purchase agreement that expires in 2024. Logan also sells 20 MW of excess capacity and energy into the Pennsylvania-New Jersey-Maryland (PJM) 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. LP to Excalibur Power L.L.C., 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.
Lonestar II Generation Holdings LLC	U.S.	B+	Lonestar own and operates a portfolio of three combined cycle gas turbine facilities (Bastrop, Frontera, and Paris) totaling 1,295 MW in the North and South regions of the ERCOT market, the 310 MW Twin Oaks coal plant, and the adjacent Walnut Creek mine. Through February 2017, the gas-fired facilities are selling 100% of their capacity under HRCO agreements to Energy America LLC, a division of Direct Energy. After the HRCOs expire, the gas-fired units will sell into the merchant power markets. Twin Oaks sells its output into the ERCOT market on a merchant basis.
Mackinaw Power LLC	U.S.	A-	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 (SEPG).
Mexico Generadora de Energia, S. de R.L.	Mexico	BBB+	Mexico Generadora de Energia, S. de R.L. (MGE) was formed to develop, construct, operate, and maintain two nominal 250 megawatt natural gas fired combined cycle generation facilities. Grupo México S.A.B. de C.V. indirectly owns 99.99% of MGE. Energy is sold through two long-term offtake contracts with Mexicana de Cobre S.A. de C.V. and Buenavista del Cobre S.A. de C.V. Phase I achieved COD on Dec. 1, 2013, and Phase II began its COD in January 2015, at which point fixed-capacity payments began.
Midland Cogeneration Venture L.P.	U.S.	BB	Midland Cogeneration Venture L.P. (MCV) is a 1,633-megawatt (MW) natural gas-fired combined-cycle power plant in Midland, Mich., that entered commercial operations in 1990. One of Canada's largest pension funds, OMERS Administration Corp., owns the plant. Up to 1,240 MW of the asset's energy and capacity are contracted to Consumers Energy through a power purchase agreement that expires in 2025. In addition, the asset has a long-term service agreement with General Electric Co. through 2021. The project has a steam and electric power purchase agreement with The Dow Chemical Co. MCV also earns revenue by selling some of its capacity, energy, and ancillary services into the Mid-Continent Independent Transmission System Operator region on a merchant basis.
Moyle Interconnector (Financing) PLC	Ireland	AA	Moyle Interconnector (Financing) plc, through its subsidiary, Moyle Interconnector Limited, financed and operates the Moyle Interconnector that links the electricity transmission systems of Northern Ireland and Scotland. The company was incorporated in 2003 and is based in Belfast, the United Kingdoms. Revenue includes capacity auction payments with an annual true-up mechanism.
Nautilus Power LLC	U.S.	B+	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.
Norte Brasil Transmissora de Energia S.A.	Brazil	brAAA	Norte Brasil has a 30-year concession until 2039 to build, implement, operate, and maintain the 2,375-kilometer (600kV) Porto Velho-Araraquara 2 transmission line. The line is fully operational. It receives a fixed annual payment from the regulator based on availability.
Orange Cogen Funding Corp.	USA	A-	Orange Cogen Funding Corp. is a subsidiary of Orange Cogeneration L.P., the owner of a 104 megawatt (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 power purchase agreement with Duke Energy Florida Inc. through 2025. The project is a cogeneration plant and also produces steam. While the steam revenues form 2% of the total, the project relies on its steam contracts with Peace River Citrus and Bartow Ethanol to maintain its qualified facility status, as required under the power purchase agreements. 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.
Oregon Clean Energy LLC	U.S.	BB-	Oregon Clean Energy LLC (OCE) is an 869-megawatt natural gas-fired combined cycle generation facility (CCGT) in Oregon, Ohio. OCE began commercial operations in July 2017 and is located near the load center of Toledo, Ohio. OCE sells capacity, energy, and ancillary services into the American Transmission System Inc. region of the PJM market; the project sources gas from the Marcellus and Utica basins via the ANR and Panhandle Eastern pipelines.
Panda Stonewall LLC	U.S.	B-	Stonewall (formerly known as Green Energy Partners) is an approximately 778-megawatt 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.
Panoche Energy Center LLC	U.S.	BB-	PEC is a 400-megawatt gas-fired simple-cycle power plant in Panoche, Calif., about 50 miles west of Fresno. The project started commercial operations in 2009. PEC is owned by funds managed by Ares EIF Management LLC. PEC earns its revenue through a long-term power purchase agreement with PG&E. It contracts out day-to-day operations and maintenance to NAES Corp. A contractual services agreement with GE Energy, an affiliate of General Electric Co, covers major maintenance.
Parampujya Solar Energy Private Ltd. Restricted Group	India	BB+	PSEPL RG comprises three wholly-owned subsidiaries of Adani Green Energy Ltd.: Adani Green Energy (UP) Ltd., Parampujya Solar Energy Pvt. Ltd., and Prayatna Developers Pvt. Ltd. These entities (collectively referred as PSEPL RG) are the co-issuers and co-guarantors of the US$500 million senior secured fixed-rate five-and-a-half year bond. PSEPL RG owns and operates a portfolio of 25 solar assets in eight states in India with 930 megawatt of installed capacity. Sales are fully contracted under long-term fixed-price power purchase agreements with offtakers, including government companies such as NTPC and Solar Energy Corp. of India (NTPC and SECI; 57% of total capacity) and state distribution utilities (remaining 43% of capacity).
Parque Eolico Kiyu S.A.	Uruguay	BBB-	The project owns and operates a 49.2-megawatt wind power facility in the department of San Jose, southwestern Uruguay. It has 16 vestas V112 wind turbines and construction was completed in April 2017. The project sells all energy under a 24-year power purchase agreement to Administracion Nacional de Usinas y Trasmision Electrica S.A , the state-owned electric company in Uruguay. Operations are outsourced to Taxway, a subsidiary of ACS, and the project is also owned by ACS.
Planta de Reserva Fria de Generacion de Eten S.A.	Peru	BBB	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 all variable costs associated with the energy generation to the government.The plant achived COD in July 2015.
Pride Investments S.A. (Desarrollos Empresariales Trafalgar S.A.)	Spain	BBB (SPUR) / AA	Spain‐based special-purpose entity Pride Investments S.A. owns a portfolio of 22 operating photovoltaic (PV) plants spread mostly through the southern regions of Spain. Most of the parks have operated since 2008, while six of the parks achieved construction completion in 2011. The aggregate nominal capacity is 55 MW and the plants have 19-22 years of remaining regulated life. The portfolio is 91% crystalline silicon and 9% thin film. Revenues are generated under the Spanish-regulated energy system.
Prime Energia SpA, EnfraGen Spain, S.A.U., And EnfraGen Energia Sur, S.A.U.	Chile, Colombia, Panama	BBB- prelim	The project includes a portfolio of 19 assets totalling 1.7 GW. The portfolio is diverse by technology and location, including 621 GW of reciprocating engines, 36 megawatts (MW) of solar plants, and two open cycle diesel combustion engines generating 163 MW in Chile, two combined cycle gas plants in Colombia totalling 851 MW and three 10 MW run of river hydropower plants in Panama. A number of the assets are in the late stages of construction in early 2021, or expected to be acquired after closing. There are three co-issuers of debt (Prime Energia SpA, EnfraGen Spain, S.A.U, and EnfraGen Energia Sur, S.A.U) that are expected to issue up to $710 million of 10-year bullet notes and a pari passu $725 million five-year senior loan. The notes start a cash sweep from 2026.
Revere Power LLC	U.S.	B+	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 megawatts. The portfolio's assets, known as Bridgeport, Tiverton, and Rumford, sell all of their output on a merchant basis within the ISO-New England (ISO-NE) jurisdiction.
Rowville Transmission Facility Pty Ltd.	Australia	A-	Rowville Transmission Facility Pty. Ltd. (RTF) owns, operates, and maintains 500 kilovolt (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 connect 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 has been contracted to a subsidiary of AusNet Services Ltd., the owner and operator of Victoria's high-voltage electricity transmission system.
Ruwais Power Co. PJSC	UAE	A-	Ruwais Power Co. PJSC (Shuweihat 2) is a private joint stock company incorporated under the laws of the United Arab Emirates 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 water plants implemented by the Abu Dhabi Department of Energy under its privatization program. Bond proceeds have been used primarily to refinance existing debt at a lower anticipated cost, and 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., a 100% subsidiary of DOE, extends beyond the maturity of all refinanced debt.
Sandy Creek Energy Associates L.P.	U.S.	CCC-	U.S. power generator Sandy Creek Energy Associates L.P. owns 64% of the 945-megawatt (MW) Sandy Creek coal-fired generating plant in Riesel, Texas. Of their 604 MW, 259 MW is under 30-year power purchase agreements 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.
Santa Vitoria do Palmar Holding S.A	Brazil	brAA-	Santa Vitória is a Brazilian wind farm project already in operations. After the incorporation of its sister project Chuí Holding S.A., Santa Vitória now has, on an aggregate basis, 16 generating units that together have 402 megawatts (MW) of installed capacity. We expect the project to generate more than the 133.1 MW already sold through contracts with fixed prices through 2020, with excess available for sales in the spot market. From 2021 onwards, we expect the project may not generate the full amount sold, and if there is a shortfall, the project will have to purchase electricity in the spot market to honor its contracts.

Solaben Luxembourg S.A.	Luxembourg	BBB+	Limited-purpose entity Solaben Luxembourg S.A. (the issuer) issued bonds and onlent the proceeds under individual agreements to Solaben Electricidad Uno S.A. and Solaben Electricidad Seis S.A. (the borrowers or ProjectCos). ProjectCos used the proceeds to refinance the construction of two 50 megawatt (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.
Solar Star Funding LLC	U.S.	BBB	Solar Star Funding LLC is a 589 megawatt (MW)-AC power project consisting of a 310 MW AC facility and a separate, adjacent 279 MW AC photovoltaic facility in California's Kern and Los Angeles counties. The project’s cash flows are generated by converting solar energy into electricity and selling it to offtaker Southern California Edison under long‐term power purchase agreements (PPA). Construction work of the project was completed in mid‐2015 and operations began at both its sites, Solar Star 1 (SS1) and Solar Star 2 (SS2) in July 2015. It has contracted with Northstar Energy Management, to perform all operations and maintenance activities.
Southeast PowerGen LLC	U.S.	B	Southeast PowerGen LLC (SEPG) is a project-financed, special-purpose entity owning roughly 2.2 gigawatts of electric generation capacity in Georgia. The portfolio includes one combined-cycle mid-merit facility (Effingham, 510 megawatts [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).
St. Joseph Energy Center LLC	U.S.	BB-	SJEC is a 709 megawatt natural gas-fired combined cycle generation facility (CCGT) in New Carlisle, Ind., in the American Electric Power (AEP) zone of the PJM market. The plant began commercial operations in April 2018. While the project sells electricity into the merchant market, its heat rate of 6,600-6,800 Btu per kWh makes it one of the most efficient CCGT power plants in the region, and it also has a revenue put contract through August 2023 that stabilizes revenues through that period.
Tenaska Alabama II Partners L.P.	U.S.	BBB	Established in April 2000, Tenaska Alabama II Partners L.P. (TAP II) owns and operates an 885 megawatt (MW) natural gas-fired combined-cycle generation facility in Autauga County, Alabama. It has been commercially operational since May 24, 2003. It sells energy to Shell Energy North America (U.S.) L.P. under a 20-year energy conversion agreement. It also has a long term service agreement (LTSA) 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.
Tenaska Gateway Partners Ltd.	U.S.	BBB-	Tenaska Gateway Partners Ltd. is a Texas limited partnership that owns an 845‐megawatt (MW) combined‐cycle gas power plant in Rusk County, Texas. The project sells capacity and energy under a 22.5‐year tolling agreement with Shell Energy North America (U.S.) L.P. that expires in January 2024. Shell Oil Co. fully guarantees SENA's obligations under the power purchase agreement, 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.
Tenaska Georgia Partners L.P.	U.S.	BBB	Tenaska Georgia Partners L.P. is a 945-megawatt (MW) gas‐fired, simple‐cycle peaking facility located 40 miles southwest of Atlanta. The project commenced full commercial operation in August 2001, and the three units of the second phase came on line in June 2002. The project generates capacity and energy revenue under the terms of a 29‐year tolling agreement with Exelon Generation Co. LLC. GE International provides maintenance services under a long‐term service agreement. It is owned by Tenaska, an experienced project developer that has constructed over 10,000 MW of generation capacity at 17 domestic and international projects.
Tenaska Virginia Partners L.P.	U.S.	BBB	Tenaska Virginia Partners L.P. (TVP) operates an 885-megawatt (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 Shell Energy North America (US) L.P. Shell Oil Co. fully guarantees, albeit conditionally, SENA's obligations under an energy conversion agreement (ECA), 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 (LTSA).Tenaska is an experienced project developer that has developed over 10,000 MW of generation capacity at 17 domestic and international projects.
Topaz Solar Farms LLC	U.S.	BB	Topaz Solar Farms LLC is a 550-megawatt (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 PPSA 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.
UEP Penonome II S.A.	Panama	BB	The project includes a combined portfolio of 215 megawatts (MW) of wind assets (UEP II) and 40 MW of solar parks (Tecnisol I through IV). The wind assets include 86 Goldwind turbines on the south coast of Panama and are expected to contribute 85% of revenues. They have PPAs with Panama's three electricity distribution companies for 70% of revenues in the first 10 years. The solar parks are in the west of Panama and sell under PPAs with industrial and corporate customers. The $262.7M of debt was issued in 2020 and matures in 2038.
UMH Energy Partnership	Canada	BBB+	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 megawatts). The 50-year hydroelectric energy supply agreement between the issuer and the Independent Electricity System Operator (IESO; an Ontario government agency) is not like a typical power purchase agreement in that payments ensure that revenue requirements are achieved rather than being made consideration for units of energy generated. This removes price and volume risk.
UTE Pampa Sul	Brazil	brAAA	Usina Termelétrica Pampa Sul (UTE Pampa Sul) is a special-purpose entity that fully owns an operational (COD June 2019) coal-fired thermoelectric power plant located in Candiota, in the South of Brazil. Concession term is 30 years starting November 2014 (government auction) with 25-year auction-based PPA contracted (294.5 MWav) with 38 DisCos in Brazil, starting January 2019. The project´s total installed capacity is 345MW (approximately 0.2% of the country’s total capacity and 11% of country’s coal-fired capacity in 2020) and net capacity is 309MWav.
Vela Energy Finance S.A.	Spain	BBB+	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 megawatss on a nominal basis.
West Deptford Energy Holdings LLC	U.S.	BB-	West Deptford Energy Holdings LLC owns a 744-megawatt (MW) natural gas-fired, 2x1 combined cycle power generating facility located in Gloucester County, New Jersey, about 20 miles south of Philadelphia, Pennsylvania. It operates as a 684-MW base load facility with an average heat rate of 6991 BTU/kWh (60 MW duct with a total heat rate of about 7,187 BTU/kWh). It began commercial operations on November 20, 2014. The asset uses 2 Siemens combustion turbines and an Alstom STF30C steam turbine with two duct fired Heat Recovery Steam Generators, a wet mechanical draft cooling tower and balance of plant equipment. The plant obtains natural gas through its dedicated lateral from its two gas inter-connects with Columbia Gas Transmission LLC and Transcontinental Gas Pipe Line Co. LLC respectively. The project earns revenue on a merchant basis and is in the PJM region.
WG Partners Acquisition LLC	U.S.	BB	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 megawatts of total generation capacity. The portfolio was acquired from FREIF NAP I Holdings II, LLC in September 2016.
WindMW GmbH	Germany	BBB-	WindMW GmbH is a special-purpose, bankruptcy-remote company, owned by China Three Gorges Corp. WindMW owns and operates a 288 megawatt wind farm and began commercial operations in 2015, located in the North Sea off the German coast. The project's sole source of revenue through 2027 is a guaranteed feed-in-tariff under German law of €154 per megawatt-hour. Thereafter, the project is exposed to market risk only between 2027 and 2035, the assumed end of the asset life.
Yellowstone Energy LP	U.S.	BBB	The Yellowstone Energy LP project is a pet coke-fueled circulating fluidized bed power plant adjacent to an ExxonMobil refinery in Billings, Mont. The project began operations in 1995 and burns pet coke sourced from three local refineries. Crushed limestone is added to the pet coke to capture sulfur emissions. The plant produces electricity, steam, and ash and sells all generated electricity under a 35-year take-and-pay power purchase agreement that extends two years beyond the debt maturity with Northwestern Energy, the utility subsidiary of Northwestern Corp.
Social Infrastructure
ABC Schools Partnership	Canada	A	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.
Alpha Schools (Highland) Project PLC	United Kingdom	A	Alpha Schools (Highland) Project PLC is a U.K.-based special-purpose vehicle, owned by InfraRed Capital Partners, used to finance the design and construction of 10 new facilities for 11 schools on 10 sites for the Highland Council in Scotland. After construction was completed in September 2009, the project 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.
Ancora (OAHS) Pty Ltd.	Australia	BBB (SPUR) / AA	Ancora (OAHS) Pty Ltd. is the financing vehicle for the Orange and Associated Health Services public-private partnership between the Australian state of New South Wales and Pinnacle Healthcare (OAHS) Pty Ltd., and the trustee of the PPP, which is Pinnacle Healthcare (OAHS) Trust (Pinnacle). The project involves Health Administration Corp. 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 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, outpatients, and administration facilities. Pinnacle is also responsible for the provision of services to the nearby Bathurst hospital.
Ancora (RCH) Pty Ltd. / Ancora (RCH2) Pty Ltd.	Australia	BBB	Ancora (RCH) Pty Ltd. and Ancora (RCH2) Pty Ltd. are the finance arms of Children's Health Partnership Pty Ltd. (ProjectCo), which is the trustee of the CHP Unit Trust, the concession holder for the Melbourne Royal Children Hospital project granted by the state of Victoria in 2007. Under the agreement, ProjectCo was responsible for the design and construction (now complete) of a new 357-bed facility adjacent to the former original hospital site, as well as refurbishment of certain existing buildings and construction of a hotel with up to 100 rooms. ProjectCo is also responsible for the provision of certain facilities management services relating primarily to the maintenance of the facilities. The revenue stream from the state of Victoria is availability-based, subject to deductions for performance below specified levels.
Aspire Defence Finance PLC	United Kingdom	A- (SPUR) / AA	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 which it is operating for the U.K. Ministry of Defence, and to provide support and estate management services under a 35-year project agreement under the U.K. government's private-finance initiative. Revenues are availability based.
Austin Convention Enterprises Inc.	U.S.	BBB-	Austin Convention Enterprises Inc. is an 801-room full-service hotel in downtown Austin across the street from the convention center. The hotel opened in December 2003, and has 26 stories, with about 70,000 square feet of meeting space (including two ballrooms). Below the hotel is a 750-space parking garage with 600 spaces operated by the hotel. The hotel's operational performance has historically been stronger than that of other rated hotels, supported by improving local economic conditions and positive pricing power in its market.
Baglan Moor Healthcare PLC	United Kingdom	AA	Baglan Moor Healthcare, a Welsh bankruptcy-remote, special-purpose company, entered into a 30-year project agreement in 2000 with Bro Morgannwg National Health Service Trust (the Trust) to design and build a hospital in 2.5 years, and then supply certain nonclinical services for 27.5 years. The Trust compensates Baglan Moor for providing services through a retail price-indexed monthly unitary payment. The revenue stream is based on the facilities being available, rather than linked to patient volumes.
Baltimore Hotel Corp.	U.S.	BB-	The project is a 757-room Hilton convention center hotel located in downtown Baltimore's Inner Harbor area, overlooking the Camden Yards baseball park and connected to the Baltimore Convention Center by a pedestrian bridge. It has been operating since August 2008. The hotel has meeting rooms, a 37,000-square-foot ballroom, and a 567-space, four-story parking garage with two subterranean levels. The hotel's net revenues and city revenues secure the bonds. The city revenues include a $7 million annual guarantee funded through a second lien on the citywide hotel occupancy tax revenue. City revenues also include a pledge of site-specific hotel occupancy tax revenue, which will vary based on the project's occupancy levels, and the tax increment payment, which is equal to the hotel's property tax payment.
Burrell College of Osteopathic Medicine LLC	U.S.	BBB-	BCOM is a graduate medical school in Las Cruces, N.M. The project's scope is to operate an 80,000 square foot educational building on the New Mexico State University campus. The project started operations and accepted its first class in 2016 and has seen enrollment levels at 100%. The project now has all four years of students, and graduated its inaugural class in 2020. It was awarded its last milestone in accreditation in May 2020.
BWP Issuer PLC	United Kingdom	BBB- (SPUR) / AA	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, which runs to Dec. 31, 2036. The project is one of the most modern prisons in the U.K., having been constructed more recently than any of the other 14 privately operated prisons in England and Wales. Construction was completed in two phases in 2012 and 2015 by Skanska and the project receives inflation-linked availability-based revenues during operations. Operations and maintenance have been subcontracted to Serco Ltd. for the term of the project.
BY Chelmer PLC	United Kingdom	BBB-	U.K.-based special-purpose vehicle BY Chelmer PLC issued 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 until July 2011, and the project is now responsible for hard facilities management and lifecycle services during the operating period.
Capital Hospitals (Issuer) plc	United Kingdom	BB+	Capital Hospitals Ltd. raised funds to design, build, finance, and operate the construction and refurbishment of two inner-London hospital sites, the 956-bed Royal London Hospital (RLH) and the 372-bed St. Bartholomew's Hospital (Barts) for Barts Health NHS Trust under a U.K. government private finance initiative program. The project agreement, signed in April 2006, has a 42-year term, including a construction period of nine years and nine months. The project modernized the facilities of the Barts and RLH sites, and enable the trust to integrate services that are scattered on and around three sites. With a construction capital expenditure of £1.1 billion, this is the biggest health care PFI project in the U.K.
Catalyst Healthcare (Manchester) Financing PLC	United Kingdom	BB+	Catalyst Healthcare (Manchester) Financing PLC is a U.K.-based special-purpose vehicle. It issued debt and onlent the proceeds to the ProjectCo, Catalyst Healthcare (Manchester) Ltd., which used the debt proceeds to finance the design, construction, and refurbishment of facilities for U.K.-based Central Manchester University Hospitals NHS Foundation Trust, under a 38-year private-finance initiative project agreement signed in 2004. Construction was completed in April 2011 and the project has since been fully operational, with ProjectCo providing facilities management and certain nonclinical services.
Catalyst Healthcare (Romford) Financing PLC	United Kingdom	BBB	Under a private-finance initiative, 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 facilities management services since September 2005.
Catalyst Higher Education (Sheffield) PLC	United Kingdom	BBB- (SPUR) / AA	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 issue date. 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 was set at a level equivalent to 85% occupancy through 2019, falling in subsequent years to 69% occupancy in 2045.
Central Nottinghamshire Hospitals Plc	United Kingdom	BB (SPUR) / AA	U.K.-based special-purpose vehicle Central Nottinghamshire Hospitals PLC (ProjectCo) 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 years private finance initiative concession agreement.
CHS (CAMH) Partnership	Canada	A-	CHS (CAMH) Partnership connsists 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. was the hard facilities management 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 January 2018.
Consort Healthcare (Birmingham) Funding PLC	United Kingdom	BB	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.
Consort Healthcare (Mid Yorkshire) Funding plc	United Kingdom	BBB	The project company, 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 under a private finance initiative agreement. Construction was completed in October 2011. ProjectCo is now providing maintenance and certain nonclinical services, and will continue to do so for 35 years under the agreement.
Consort Healthcare (Salford) PLC	United Kingdom	BBB+	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 private finance initiative program.
Consort Healthcare (Tameside) PLC	United Kingdom	BBB+	U.K.-based special-purpose vehicle Consort Healthcare (Tameside) PLC is using the proceeds of the bonds to finance the design, construction, and operation of health care facilities for the Tameside Hospital National Health Service Foundation Trust under a 34-year project agreement, as part of the U.K. government's private finance initiative program.
Criterion Healthcare PLC	United Kingdom	AA	Criterion was awarded a concession with South Durham Health Care NHS Trust in 1999 under the UK PFI initiative to design, construct and provide support services for a new 321 bed hospital in Bishop Auckland, Northeast England. The project receives availability payments from the Trust, and has a 60 year concession with a termination option by the Trust after 30 years.
CSS (FSCC) Partnership	Canada	A-	The 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, 300,000-square-foot building with LEED Gold standard certification. There is underground parking for 247 vehicles and 53 spaces at ground level. The project achieved substantial completion on Jan. 31, 2013, and began its 30-year concession period. The renovation work on the second and fifth floors (to accommodate two other government departments) was completed in January 2015. A subsidiary of Fairfax Financial Holdings Ltd., Dexterra, became the project's facilities management and lifecycle services provider after Carillion PLC, the parent company of the previous services provider, filed for compulsory liquidation in January 2018 and Fairfax (the current service guarantor) acquired its Canadian operations in March 2018.
Denver Convention Center Hotel Authority	U.S.	BBB-	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. 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 revenues and fixed contributions from the city of Denver, funded through annual appropriations.
Discovery Education PLC	United Kingdom	BBB+	U.K.-based limited-purpose vehicle Discovery Education PLC (ProjectCo) issued bonds to fund the construction of six primary schools and two secondary schools on eight sites in Dundee, Scotland, under a 30-year private finance initiative project. The works were completed in three phases during 2008 and 2009. ProjectCo provides hard and soft facilities management services at each school via subcontractors.
East Slope Residencies PLC	United Kingdom	BBB	East Slope Residencies Student Accommodation LLP (ProjectCo) was created to design, build, and operate 2,117 student bed spaces in a combination of cluster flats and town houses on the University of Sussex campus near Brighton. The construction started in 2017 with completion in stages from autumn 2018 to the end of 2020, with construction performed by Balfour Beatty Regional Construction Ltd., a subsidiary of Balfour Beatty PLC.
Ellenbrook Developments PLC	United Kingdom	AA	Ellenbrook financed the design and construction of new student residences with 1,600 bedrooms and sports facilities for the University of Hertfordshire at Hatfield, England. Construction was completed in 2005, and the project is providing facilities management services to the university for 30 years of operations and received availability payments. Construction was completed by Carillion.
Endeavour SCH PLC	United Kingdom	AA	Endeavour, is a limited-recourse, special-purpose project company that entered a concession agreement with South Tees Acute Hospitals NHS Trust to design, build, and finance major additions to the South Cleveland Hospital, Middlesbrough, as well as refurbishing some existing facilities. Construction was complete in 2002. Endeavour provides maintenance and certain property and management services to the hospital for the 30 years following construction completion. The provision of medical and clinical services at the Hospital will remain the responsibility of the Trust. The project is part of the U.K. Government's NHS PFI program.
Exchequer Partnership (No. 2) PLC	United Kingdom	A+ (SPUR) / AA	EP2 operates under a 35-year availability-based concession with the U.K. government that expires in August 2037. EP2 raised debt in 2003 to finance the refurbishment of the east wing of the Grade II-listed U.K. government office building on Great George Street in the Whitehall area of London, primarily occupied by employees of HM Revenue & Customs (HMRC). The four-story building houses approximately 2,100 workstations for HMRC and other government departments. Lendlease (formerly Bovis Lend Lease) carried out the refurbishment in 2002-2004. Since then, EP2 has provided a full suite of soft and hard facility management services, which it subcontracts to Bellrock Property & Facilities Management and to Engie, respectively.
Freemens Common Village LLP	United Kingdom	BBB- (SPUR) / AA	U.K.-based limited-purpose entity Freemens Common Village LLP (ProjectCo) issued £124 million of bonds in 2019 due 2064 to finance the construction of a 1,164-room student accommodation complex and adjacent facilities next to the campus of the University of Leicester. Construction by Engie Regeneration has a scheduled completion in September 2022. Once operations begin, the project will operate the facilites under a long-term agreement with the university, which will market and allocate rooms on behalf of the project. Hard facilities management services are subcontracted to Engie.
Greater Columbus Convention Center Hotel	U.S.	BBB-	The existing Hilton Columbus Downtown hotel opened in 2012, features 532 rooms, a restaurant and a lounge, 77,321 square feet of meeting space, a pool, fitness center, business center and market pantry. The project issued debt in 2019 that matures in 2051 to fund the construction of a 463-room expansion tower and to fund limited renovations and slight room expansion at the existing hotel. Once the expansion is completed in 2022, the combined hotels 1 and 2 will have 1,000 room capacity, 54,000 square feet additional meeting space, and more restuarant and food options. It will also be connected to the Greater Columbus Convention Center by a sky bridge. Revenues are volume-based.
Green Timbers Ltd. Partnership	Canada	A-	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 E divisional headquarters in Surrey, British Columbia, under a design, build, finance, operate, and maintain agreement with Public Works and Government Services Canada. Construction was completed in December 2012, 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 facilities management, life-cycle requirements, cleaning and waste management, grounds keeping, help-desk and information management, and food services. Bouygues Energies & Services Canada Ltd. has undertaken these obligations under a fixed-price contract.
Healthcare Support (Newcastle) Finance PLC	United Kingdom	BB	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 private finance initiative contract. The project rationalizes the Trust's sites in Newcastle and provides better facilities for patients in its catchment area.
Healthcare Support (North Staffs) Finance PLC	United Kingdom	BBB (SPUR) / AA	U.K.-based 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 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 private finance initiative contract with the Trusts.
Holyrood Student Accommodation Plc	United Kingdom	BBB (SPUR) / AA	Holyrood Student Accommodation PLC is a U.K.-based student accommodation project that issued bonds to finance the development, maintenance, and operation of a 1,180 bed accommodation for postgraduate students in partnership with the University of Edinburgh. Construction was completed in 2016 by Balfour Beatty Construction Scottish and Southern Ltd. and assets are centrally located in the city of Edinburgh.
Hospital Infrastructure Partners (NOH) Partnership	Canada	BBB+	Hospital Infrastructure Partners (NOH) has a concession to design, build, finance and maintain the new Oakville Hospital in Oakville, Ontario. The project achieved substantial completion in July 2015. The 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 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.
Idaho College of Osteopathic Medicine LLC	U.S.	BB+	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 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.
InspirED Education (South Lanarkshire) PLC	United Kingdom	BBB-	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 private finance initiative ending Aug. 31, 2039. Construction was completed in three phases over 2007-2009.
Integrated Accommodation Services plc	United Kingdom	A (SPUR) / AA	Under a 30-year project agreement structured as a private finance initiative, Integrated Accommodation Services PLC financed the design, construction, and operation of new accommodation facilities for about 4,000 desk spaces at the U.K. Government Communications Headquarters (GCHQ) in Benhall, Cheltenham, on behalf of the Secretary of State for Foreign and Commonwealth Affairs. GCHQ is the U.K. intelligence agency that has a statutory responsibility to provide intelligence to U.K. government departments and military commands, and plays an essential role in supporting the U.K. government's security, defense, foreign, and economic policies.
Integrated Team Solutions PCH Partnership	Canada	A-	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 site adjacent to one of PCH's facilities in Kingston, Ontario. The project had a three-year construction phase through late 2016, followed by a 30-year availability-based operating phase. Integrated Team Solutions PCH entered back-to-back contracts with EllisDon Design Build Inc. for construction and Johnson Controls Canada L.P. for services during operations.
Integrated Team Solutions SJHC Partnership	Canada	A	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 hard facilities management (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.
Jets Stadium Development LLC	U.S.	BBB- (SPUR) / AA	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, which 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.
Keele Residential Funding PLC	United Kingdom	A (SPUR) / AA	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.
Kingston Student Living LLP	United Kingdom	BBB- (SPUR) / AA	Kingston Student Living LLP is a U.K.-based limited-purpose entity that has issued £86.1 million of senior secured bonds in 2020, due Feb. 28, 2055, with the proceeds used to finance the refurbishment of 1,216 of the existing rooms, the addition of 117 rooms and redevelopment of adjacent facilities across two sites close to Kingston University's main campus. The ProjectCo will operate the student accommodation for 50-years from practical completion under a project agreement with the university, which provides for a number of protective covenants that partially mitigate the risk stemming from alternative accommodation supplies.
Louisville Arena Authority Inc.	U.S.	BBB (SPUR) / AA	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 and hosts an array of other events such as 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 metro government, and a fixed payment from the University of Louisville.
Mount Oswald Colleges LLP	United Kingdom	AA	The project designed and constructed two colleges comprising 992 student rooms, plus associated hub buildings, for the University of Durham. Construction was completed in late 2020. 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.
MPC Funding Ltd.	Australia	A (SPUR) / AA	MPC Funding Ltd. is the finance arm of Plenary Conventions Pty Ltd. (Project Co), the concession holder for the Melbourne Convention Centre project granted by the Australian state of Victoria in 2006. Project Co completed the construction and fully commissioned the new facility in early 2009. Project Co 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 the state of Victoria is availability-based, subject to deductions for performance below levels specified in the contract.
NewHospitals (St. Helens and Knowsley) Finance PLC	United Kingdom	BBB- (SPUR) / AA	NewHospitals (St. Helens and Knowlsey) Finance PLC is a special-purpose entity that issued debt and on-lent the proceeds to NewHospitals (St. Helens & Knowsley) Ltd. (ProjectCo). ProjectCo entered into a 41.23-year private finance initiative 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.
Octagon Healthcare Funding PLC	United Kingdom	BBB (SPUR) / AA	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. in 1998 to fund the design, construction, operations, and maintenance of Norfolk and Norwich University Hospital, a 1,237-bed single-build hospital in the city of Norwich, England. Octagon Healthcare Ltd. entered into a 60-year project agreement, expiring August 2061, with Norfolk and Norwich University Hospitals National Health Service (NHS) Foundation Trust, which has the option to terminate the agreement with no compensation to ProjectCo in 2037, 2042 or 2052. Construction was completed in August 2002.
Peterborough (Progress Health) PLC	United Kingdom	BB	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.
Plenary Conventions Pty Ltd.	Australia	A (SPUR) / AA	The project operates the Melbourne Convention Centre in central Melbourne, Australia. The construction was completed in 2009 and was built by Brookfield Multiplex and Plenary Group. Revenues are availability based.
Plenary Health Bridgepoint LP	Canada	A	Plenary Health Bridgepoint L.P. (ProjectCo) was selected to design, build, finance, and maintain the 464-bed Bridgepoint Hospital in Toronto. It is also responsible for restoring and integrating the existing Don Jail (the section that closed in 1977) into the new hospital, turning it into an administration building; and decommissioning of the existing hospital (the part of the jail that was still in operations), and the ancillary building. The hospital has been open since March 2013, and demolition and remaining landscaping are complete. Final completion was achieved Oct. 27, 2015. The project receives availability-based revenue during operations, and Johnson Controls L.P. is the operating and maintenance and lifecycle service provider for the project for the entire 30-year operating period. It has subcontracted some of the daily operations to Brookfield Global Integrated Solutions, but Johnson remains responsible for all service provider obligations including any that have been subcontracted.
Plenary Health Care Partnerships Humber LP	Canada	A-	Humber River Regional Hospital has mandated Plenary Health Care Partnerships Humber LP (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 656-bed hospital is 1.7 million square feet and encompasses a 14-story tower, a central utility plant, and two parking structures that house approximately 2,000 spaces. ProjectCo receives availability-based revenues during the 30-year operations period, and has subcontracted operations and management to Johnson Controls.
Plenary Health Finance Co. Pty Ltd.	Australia	A	Plenary Health Finance Co. Pty. Ltd. is the financing vehicle of Plenary Health (CCC) Pty. Ltd. as trustee of the Plenary Health Unit Trust (PHUT). PHUT is the project company that is responsible for the design, construction, financing, operation, and maintenance of the Victorian Comprehensive Cancer Centre under a public-private partnership with the Australian state of Victoria, expiring in June 2041. The center has started operations following completion of its construction in mid-2016. Under the contract with the state government, PHUT has committed to providing a range of services across the facilities, as well as undertake ongoing maintenance, and receives payment from the state based on the availability of services.
Plenary Health Hamilton L.P.	Canada	A	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 facilities management and lifecycle responsibilities to Honeywell Ltd. for 30 years under a fixed-price service agreement.
Plenary Health Niagara L.P.	Canada	A+	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.
Plenary Properties LTAP LP	Canada	A	Plenary Properties LTAP L.P. (the project) is an availability- based, social infrastructure project in Ottawa, Ontario. It was formed to design, build, finance, and maintain, and provide IT infrastructure and services to the Long-term Accommodation Project for Communications Security Establishment Canada, the country's cryptology agency. The project began operations in July 2014. It passes down all operations and maintenance and lifecycle risk and responsibilities relating to facilities management 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.).
Plenary Properties NDC GP	Canada	BBB+	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 facility management (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 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.
Queens Ballpark Co. LLC	U.S.	BB+	The Queens Ballpark project is a 42,000-seat, open-air baseball stadium named Citi Field, which is home to the New York Mets. The project used PILOT, installment purchase and lease revenue bond proceeds to fund construction of the new ballpark in Queens, N.Y. The ballpark opened in 2009. The NYC Industrial Development Agency owns the ballpark and leases it under a long-term lease to Queens Ballpark. The initial lease term is equal to the debt maturity. The project is a wholly owned subsidiary of Sterling Mets L.P., which owns the Mets. Queens Ballpark has a sublease with the Mets that requires the Mets to play all home games in the stadium. The project receives revenues from payments in lieu of tax (PILOTs), installment payments for season tickets, as well as revenues from luxury suites, club and box seats, concessions, merchandise, signage and advertising, naming rights, and specific parking revenues.
Ravenhall Finance Co Pty Ltd.	Australia	A-	GEO Ravenhall Pty Ltd. (ProjectCo) is a public-private partnership under the Victorian government's Partnership Victoria framework. Ravenhall is an operational, availability-based medium-security men's prison located at Ravenhall, in west Melbourne. The project is responsible for the operations of the prison, which has the capacity to accommodate up to 1,300 prisoners. The operating phase term for the project is 25 years, and runs to 2042. ProjectCo issued senior secured bonds through its financing arm, Ravenhall Finance Co. Pty Ltd., to refinance existing construction debt and related hedges once commercial operations began.
RMPA Services PLC	United Kingdom	BBB+	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 private finance initiative concession agreement. The agreement expires in 2039. The 54-month construction program was completed on April 25, 2008. ProjectCo is responsible for the provision of certain hard and soft facilities management services and lifecycle requirements of the fully serviced living and working accommodation for about 3,500 military personnel.
S4B (Issuer) PLC	United Kingdom	BBB- (SPUR) / AA	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 private finance initiative 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, comprises approximately 1,200 housing units.
Services Support (Manchester) Ltd.	United Kingdom	BBB+	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 facilities management 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.
SNC-Lavalin Innisfree McGill Finance Inc.	Canada	A-	McGill Healthcare Infrastructure Group G.P. (ProjectCo) entered into a public-private partnership with McGill University Health Centre (MUHC) to design, build, finance, maintain, and rehabilitate the MUHC Glen Campus, a large acute care hospital in Montreal. The Glen Site comprises four clearly defined sections: An adult hospital, children's hospital, cancer center, and 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 proceeds to the ProjectCo. The project is an availability-based social infrastructure project with no volume risk.
Solutions 4 North Tyneside (Finance) PLC	United Kingdom	A- (SPUR) / AA	U.K.-based Solutions 4 North Tyneside (Finance) PLC issued bonds and onlent the proceeds to Solutions 4 North Tyneside Ltd. (ProjectCo). ProjectCo is using the proceeds to provide and maintain 924 high-quality sheltered-housing dwellings, both new and refurbished, for older people across the North Tyneside metropolitan borough of Tyne and Wear, under a 28-year private finance initiative project agreement with North Tyneside Council. The project involves demolition, new build, refurbishment, and environmental works in respect of the properties.
St. James's Oncology Financing PLC	United Kingdom	BBB (SPUR) / AA	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.
Sustainable Communities for Leeds (Finance) PLC	United Kingdom	A- (SPUR) / AA	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.
The Coventry & Rugby Hospital Co. Plc	United Kingdom	BB+ (SPUR) / AA	The Coventry & Rugby Hospital Co. PLC (CRH) 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 private finance initiative agreement with University Hospitals Coventry and Warwickshire National Health Service Trust and Coventry Teaching Primary Care Trust.
The Hospital Co. (QAH Portsmouth) Ltd.	United Kingdom	BBB	The project issued debt in 2007 to finance the design and construction of new and refurbished facilities for Portsmouth Hospitals NHS Trust (the Trust) to provide an advanced hospital serving the City of Portsmouth, the towns of Fareham and Gosport, and the east of the County of Hampshire, in south England. Construction latent defects are borne by ProjectCo after CarillionPLC's mandatory liquidation in January 2018. Operations have continued to run without major disruptions at the hospital after Carillion's liquidation and the relationship between the Trust and ProjectCo has always been collaborative.
The Hospital Co. (Swindon & Marlborough) Ltd.	United Kingdom	A- (SPUR) / AA	U.K.-based special-purpose vehicle The Hospital Co. (Swindon & Marlborough) Ltd. operates under a 30-year U.K. government private-finance initiative agreement with the Great Western Hospitals NHS Foundation Trust. Under the concession, ProjectCo is responsible through 2029 for the provision of various hard and soft facility maintenance and nonclinical services at the Great Western Hospital, an acute general hospital in Swindon, South West England. Since June 2018, ProjectCo has subcontracted all such services to Serco Ltd., which replaced Carillion Services Ltd. following the latter's liquidation in January 2018.
THP Partnership	Canada	A-	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; and the Campbell River and District General Hospital (CBR) in the City of Campbell River. 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. Construction was completed ontime by Graham Design Builders L.P. between July 2014 and April 2017. Honeywell Ltd. is the hard FM and lifecycle service provider, and Balfour Beatty Communities L.P. provides housekeeping services during the operating period. The project receives availability-based payments from Vancouver Island Health Authority.
Transform Schools (North Lanarkshire) Funding PLC	United Kingdom	BBB (SPUR) / AA	Transform Schools (North Lanarkshire) Funding PLC is a special-purpose entity which onlent 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.
Uliving@Essex Issuerco PLC	United Kingdom	A (SPUR) / AA	U.K.-based limited purpose entity has issued £98.2 million of senior secured debt to refinance the initial debt raised to finance the construction of a new 649 bedroom and the refubishment of an existing 780-bedroom student accommodation facility at the University of Essex. Construction was completed in 2013 and facility management services are 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.
Uliving@Essex2 Issuerco PLC	United Kingdom	BBB+ (SPUR) / AA	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.
ULivingAtHertfordshire	United Kingdom	A-	U.K.-based ULiving@Hertfordshire PLC issued bonds to finance the development, maintenance, and operation of student accommodation at the College Lane Campus of the University of Hertfordshire at Hatfield. The development includes 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. The accommodation will be a mix of flats and townhouses, with a small number of single occupancy studio rooms. The rooms will be predominantly en-suite and 100 of the rooms have been designed as conference rooms to meet the demand during vacation periods for hotel-standard accommodation.
UPP Bond 1 Issuer PLC	United Kingdom	BBB+	UPP Bond 1 Issuer PLC issued notes and lent the proceeds to six special-purpose vehicles (the AssetCos) currently operating accommodation under individual long-term concession agreements for six U.K. universities: the University of Kent, the University of Nottingham, Nottingham Trent University, Oxford Brookes University, Plymouth University, and the University of York. The AssetCos used the loans to repay the outstanding short-term project loans and terminate the swaps in place. The notes will be repaid from rental income on student accommodation.
Walsall Hospital Co. PLC (The)	United Kingdom	BBB	The Walsall Hospital Co. PLC 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 private finance initiative 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 (SFS) under a long-term agreement. Soft FM is provided by the Trust.
Transportation
407 East Development Group G.P.	Canada	A-	The project is a public/private partnership to design, build, and operate an extension to Highway 407 in Toronto, Canada. The concession with the Ontario Infrastructure and Lands Corp. covers construction, operations and maintenance and runs for 30 years from 2016. Revenues are availability based. The project includes 20.3 kilometers (km) of four- to six-lane divided expressway (the main line), a 10-km, four-lane divided expressway connecting the main line to Highway 401, and a 5-km realignment of Highway 401. 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.
407 International Inc.	Canada	A	407 International is a public/private partnership with 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.
95 Express Lanes LLC	U.S.	BBB-	The project is a public/private partnership between the Transurban Group and the Virginia Department of Transportation to operate and maintain about 39 miles of reversible managed lanes on Interstate 95 and I-395 in Northern Virginia, adjacent to the general purpose lanes. The project covers roadway through the southern suburbs in Virginia into Washington D.C., and the project is currently extending the 95 express lanes further south by 10 miles (the Fredex Project, expected to complete in late 2022). The concession term is for 73 years and initial construction was completed in December 2014. Revenue is volume-based, and debt includes bonds and a TIFIA loan.
Aberdeen Roads (Finance) PLC	United Kingdom	A-	Scotland-based Aberdeen Roads (Finance) has a concession to design, build, and operate the Aberdeen Western Peripheral Route (AWPR) (Balmedie to Tipperty) in northern Scotland. The AWPR covers 55 kilometers of 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. It 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. Carillion entered into liquidation in January 2018, and construction was completed by the remaining two partners.
ACI Airport Sudamerica S.A. / Cerealsur	Uruguay	B-	ACI Airport Sudamerica S.A. is a special-purpose vehicle that issued $200 million of notes due November 2032 (series 2015). Its subsidiary Cerealsur, the guarantor of ACI's notes, is a non-operating holding company that controls 100% of PdS' shares. PdS is the concessionaire of the Carrasco International Airport until 2033. The airport is 11 miles east of Montevideo, Uruguay's capital, and has capacity to handle 3.5 million passengers per year. Cerealsur uses dividends from PdS to pay off ACI's notes. Therefore, we view the debt as project-holding debt, structurally subordinated to PdS' $17.4 million senior notes due October 2022.
Aeropuerto Internacional de Tocumen S.A.	Panama	BB+	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. The project constructed a second terminal under a fixed price contract with Odebrecht Engenharia e Construcao S.A to increase the airport's capacity to more than 20 million passengers per year, with major works completed between 2013 and early 2020. Thre are still some minor pending works and we expect Terminal II to be fully operational by mid 2021. Revenues are volume-based.
AFCO Airport Real Estate Group LLC	U.S.	BBB	Aviation Facilities Co. Management, and transportation-related assets (AFCO), is an investor and devleoper of on-airport air cargo and other aviation facilities and currently holds long-term ground leases on 35 facilities across 18 airports in the U.S., and one in the U.K. It leases these facilities to air-cargo tenants such as Fedex, UPS, Amazon, and Southwest and repays project debt from lease revenues. Final maturity of the debt is around 25 years and matches expiration of key ground leases.
Amey Roads NI Financial PLC	United Kingdom	BBB-	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 onlent to Amey Roads NI Ltd. The project comprises the construction of about 38 kilometers (kms) of carriageway, resulting from three separate road infrastructure improvement schemes, together with the operation and life cycle maintenance of approximately 87 km of existing roads.
APP Coatzacoalcos Villahermosa S.A.P.I de C.V.	Mexico	mxAA	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 public-private partnership contract by the Transportation Ministry for the maintenance, overhaul. and financing of 134 kilometers of the Coatzacoalcos-Villahermosa section in the Federal Highway 180 and works began in late 2016. Construction works were completed in mid 2019, and the project receives availability payments during the operations phase.
Arctic Infrastructure L.P.	Canada	A-	The government of Nunavut, Canada, awarded a concession to 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 design-build joint venture 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' operations and maintenance and lifecycle during the service agreement's 30-year duration to a subsidiary of Winnipeg Airports Authority Inc.
Autolink Concessionaires (M6) PLC	United Kingdom	A (SPUR) / AA	Autolink Concessionaires (M6) PLC 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.
Autopista del Sol Concesionaria Española, S.A.	Spain	BBB-	Spain-based limited-purpose entity Autopista del Sol Concesionaria Española, S.A. (AUSOL) has issued a €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. Revenues are volume-based.
Autopistas Metropolitanas de Puerto Rico LLC	U.S.	BBB-	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 4-mile toll road running from San Juan to Bayamon, a key business district and contributes about 5% of total revenues. Project revenue are entirely volume based, and passenger cars are 96% of traffic.
Autovia de la Mancha S.A.	Spain	BB+ (SPUR) / AA	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 that the concession has been operating smoothly since then. The concession term is 30 years and began on April 7, 2003.
Bridging North America G.P.	Canada	BBB-	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, Fluor and Aecon, while construction is expected to take six years and be completed in 2025 by a joint venture between Dragados, Fluor and Aecon.
Capital City Link G.P.	Canada	A-	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 Limited, 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.
Channel Link Enterprises Finance PLC	United Kingdom	BBB	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 and The Channel Tunnel Group. 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.
Chinook Roads Partnership	Canada	A-	Chinook Roads Partnership (the project) is an availability-based road project, established to design, build, maintain, operate and rehabilitate the Southeast Stoney Trail in Calgary, Alberta. The asset consists of a 25-kilometer, six-lane divided freeway, with basic and auxiliary lanes, nine interchanges, three flyovers, and additional pre-grading for future interchanges. The project commenced in March, 2010 and achieved traffic availability in November 2013. The project is responsible for carrying out lifecycle services, and has sub-contracted the operations and maintenance services to Chinook Highway Operations Inc., which has further sub-contracted them to Mainroad Chinook Contracting, L.P.
Concesionaria Autopista Perote-Xalapa, S.A. de C.V. (COPEXA)	Mexico	mxBBB+	The project has a senior credit facility and a subordinate debt issuance, and debt service is paid by the traffic volume exposed cash flows coming from the Perote–Banderilla highway and the Libramiento de Xalapa bypass. Both toll roads started operating in 2012, in July and November, respectively. Both the Banderilla-Perote toll road and the Libramiento de Xalapa toll roads are part of the logistic corridor Valle de Mexico–Puerto de Veracruz.
Concesionaria Mexiquense S.A. de C.V. (CONMEX)	Mexico	BBB/mxAAA	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 the state's Eastern Highway System (CEM) to Conmex. The concession contract expires in Dec. 31, 2051. Toll road operations began April 2011.
Connect Plus (M25) Issuer plc	United Kingdom	A+	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 private finance initiative concession that was awarded in 2009 and expires in September 2039.
CountyRoute (A130) PLC	United Kingdom	B	CountyRoute (A130) PLC operates a 30-year design, build, finance, and operate 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 revenues comprise 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.
DBCT Finance Pty Ltd.	Australia	BBB	Located near Mackay, in the Australian state of Queensland, Dalrymple Bay Coal Terminal (DBCT) 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 the operating company DBCT Pty Ltd., which is owned by the majority of the mining companies using the terminal.
DirectRoute (Limerick) Finance DAC	Ireland	BB- (SPUR) / AA	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 public-private partnership 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.
Elizabeth River Crossings Opco LLC	U.S.	BBB-	The project is is a public-private partnership to build, operate, and maintain the Elizabeth River Tunnels Project as part of a 58-year concessions agreement with the Virginia Department of Transportation. The tunnels connect Portsmouth and Norfolk, Va., and run across the Elizabeth River. ERC took over operations of the Downtown and Midtown tunnels in July 2012 and completed their rehabilitation in August 2016 and September 2017, respectively. The project also built a second, parallel two-lane Midtown Tunnel and an extension of the MLK Freeway portion in 2016. Construction was completed about 8–12 months ahead of schedule and on budget. Project revenues are volume based, with tolling on existing tunnels from Feb. 1, 2014, and tolling on the new tunnel since August 2016. The project is owned by Macquarie Infrastructure and Skanska. Debt includes bonds and a TIFIA loan.
ENA Master Trust	Panama	BBB+	ENA Master Trust was created in November 2020 to refinance and own Panama toll roads ENA Sur and ENA Este. ENA Sur operates a 19.8-kilometer (km) urban toll road located in southern Panama City that connects the downtown area with the Tocumen International Airport. The construction of this asset began in May 1997, was partly opened in June 1999, and was completed in February 2000. The concession was originally expiring on June 2029 but was recently extended until June 2048, one month after the new debt will mature. ENA Este operates a 10.2 km toll road located in the northern area of Panama City (formally known as Corredor Norte fase IIB). This toll road is fully operational since 2015 and was designed as an extension of ENA Norte Trust (BB+/Negative) to connect the northern corridor to the southern one. ENA Este's concession ends in 2045.
ENA Norte Trust	Panama	BB+	ENA Norte Trust is a wholly-owned subsidiary of Empresa Nacional de Autopistas S.A., 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 (km) 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 km road that connects Phase IIA, of about 6.2 km, 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.
Fideicomiso 1784 (Autopista Rio Verde y Libramiento La Piedad)	Mexico	mxAAA/mxAA	The project holds the concession to operate the Rio Verde Road (PPP + traffic risk) and La Piedad Bypass. The project benefits from an availability tranche given that the Secretary of Communication and Tranportation will provide fixed payments based on availability and has an additional one exposed to traffic risk.
Fideicomiso Autopista Monterrey-Cadereyta No. 3378	Mexico	mxAAA	This Monterrey - Cadereyta toll road started operations in September 1988, Red Estatal de Autopistas is the operator of the highway. The toll road has a length of 30km and connect the cities of Monterrey and Cadereyta in the state of Nuevo Leon. It also connects to Saltillo city, in the state of Coahuila and Reynosa city in the state of Tamaulipas. Finally, the toll road is divided by three tranches: Guadalupe, Vía Rápida al Aeropuerto and Cadereyta. Traffic composition is around 90% light traffic and the remaining heavy traffic.
Fideicomiso CIB/2076 (Autopista Rio Verde y Libramiento La Piedad)	Mexico	mxA+	This is the issuer of subordinated debt for the Autopista Rio Verde y Libramiento la Piedad project.
Fideicomiso No. 2227 (Periferico del Area Metropolitana de Monterrey)	Mexico	mxAA	The Periferico del Area Metropolitana de Monterrey (PAMM) is a toll road 69.5 km 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.
Fiedicomiso No. 80698 (Periferico del Area Metropolitana de Monterrey)	Mexico	mxAAA	The Periferico del Area Metropolitana de Monterrey (PAMM) is a 69.5-kilometer toll road 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.
GrandLinq GP	Canada	A-	The GrandLinq project is the first stage of a regional light rail system that will ultimately connect Cambridge and Waterloo, Ontario. 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.
GRANVIA a.s.	Slovak Republic	BBB+	GRANVIA a.s. (ProjectCo) was formed to design, build, finance, operate, and manage four sections of the R1 expressway in the southwest of Slovakia. The project was the first public-private partnership in the country. The financing documents are governed by English law and the concession agreement is based on U.K. private finance initiative 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 revenues from service areas along the route.
High Speed Rail Finance 1 PLC and High Speed Rail Finance Plc	United Kingdom	BBB+	High Speed Rail Finance 1 PLC is a U.K.-based special-purpose entity that issued bonds to partially refinance existing acquisition debt facilities of its sister company, High Speed 1 Ltd. (HS1). The original facilities were used to fund the acquisition of HS1 by Borealis Infrastructure and Ontario Teachers' Pension Plan from the U.K. government in November 2010. HS1 operates the high-speed rail line connecting St. Pancras International station in London with the Channel Tunnel under a concession with the U.K. Secretary of State, which terminates in 2040. Under the concession, HS1 is responsible for the operations, maintenance, and renewal of the track and associated infrastructure, along with the four railway stations served by the route. The rail line currently serves domestic and international high-speed traffic, plus a small quantity of freight traffic.
Highway Management (City) Finance PLC	United Kingdom	BBB (SPUR) / AA	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.
ITR Concession Co. LLC	U.S.	BBB	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 revenues, with around 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 (around 70% of revenues on this segment). The project was acquired out of bankruptcy by IFM Global Infrastructure in March 2015. Project revenues are volume based through the remaining 66 years of the concession. The project will self-perform all maintenance.
Kiewit Meridiam Partners LLC	U.S.	A-	KMP won the public-private partnership concession to redesign, construct, operate and maintain the Central 70 project, a 10-mile section of Interstate 70 running through central Denver. 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 TIFIA debt.
Libramiento de Matehuala (Fideicomiso 209635)	Mexico	mxAA+	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 started operating in November 2004.
Libramiento Plan del Rio (Fideicomiso 464)	Mexico	mxB+	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 the state of Veracruz.
M6 Duna Autopalya Koncesszios Zartkoruen Mukodo Reszvenytarsasag	Hungary	AA	The project was granted a concession from the Republic of Hungary to finance, design, construct, operate, and maintain a 58-kilometer motorway between Érdi-teto and Dunaújváros southeast of Budapest in Hungary. The company was founded in 2004 and operates as a subsidiary of M6 Duna B.V.
Metrobarra S.A.	Brazil	brCCC-	Metrobarra SA is a special-purpose vehicle 100% owned by Invepar, created to acquire the trains and control equipment for the subway operation of line 4 in the state of Rio de Janeiro, Brazil. The project is sensitive to volume of clients as revenues are defined per passenger under the concession contract, adjusted annually by the inflation index (IGPM). As Metrobarra's cashflows are insufficient to service its debt, it relies on its sponsor, that is the guarantor of its debentures.
Mexico City Airport Trust	Mexico	BBB	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, although that expansion has recently been cancelled by the Mexican president.
Millennium Parking Garages LLC	U.S.	BBB+	Millennium Parking Garages LLC in Chicago operates and collects revenues for the largest underground downtown parking system in the U.S. The 99-year concession and lease agreement that has 86 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 sq. ft. The project is subject to full parking volume and revenue exposure. Parking revenues consist of monthly parking permits and transient parking .
Mobilinx Hurontario G.P.	Canada	BBB+	Mobilinx is responsible for designing, building, financing, operating, maintaining, and rehabilitating an 18-kilometer Hurontario Light Rail Transit Project in Mississauga and Brampton, Ontario. The concession provider, IO, along with Metrolinx (collectively the contracting authority, CA), is a crown agent of Province of Ontario. Construction is expected to be completed in late 2024, after which the project will maintain and operate the project for 30 years. The project is owned by John Laing, Salini-Impreglio, Astaldi Canada, Hitachi Rail, Amico and Transdev North America. The construction is under a fixed price contract, and vehicles will be supplied by Alstom Transport Canada.
NCIG Holdings Pty Ltd.	Australia	B+	Holding Company for Newcastle Coal Infrastructure Group Pty Ltd
Newcastle Coal Infrastructure Group Pty Ltd	Australia	BBB	Newcastle Coal Infrastructure Group (NCIG) operates a coal export terminal located in the Port of Newcastle on the central coast in the Australian state of New South Wales. The multi-user terminal has an approved capacity of 66 million metric tons per annum. It is fully contracted under 10-year, evergreen ship-or-pay contracts. NCIG commenced operations in 2010 under a lease from Newcastle Port, which expires in 2043 and NCIG holds a 10-year extension option. NCIG is mutually owned by most of its shippers.
North Queensland Export Terminal Pty Ltd.	Australia	BB+	North Queensland Export Terminal Pty Ltd. (NQET, formerly known as Adani Abbot Point Terminal) is the special-purpose entity responsible for the operational activities of Abbot Point Coal Terminal (APCT) and has issued debt to fund APCT. APCT is located 25 kilometers northwest of Bowen in the Australian state of Queensland and is Australia's northernmost coal port. The multi-user port has a design capacity of 50 million tons per annum 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.
Northwestconnect G.P.	Canada	BBB	Northwestconnect General Partnership has a concession 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 of intersecting local roads and railways. Construction also included 29 bridge structures. The highway opened for traffic in Nov. 1, 2011. Carmacks Maintenance Services Ltd. is providing operating and maintenance services for a period of 30 years under a fixed-price contract with ProjectCo, and ProjectCo receives availability-based revenues during the 30-year operating period.
Nouvelle Autoroute 30 S.E.N.C.	Canada	BBB+	Nouvelle Autoroute 30 S.E.N.C. (A30 Express) operates and maintains 42 kilometers of new four-lane highway (including the 2-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.
NYNJ Link Borrower LLC / NYNJ Link Developer LLC	U.S.	BBB (SPUR) / AA	NYNJ Link Borrower LLC and NYNJ Link Developer LLC are subsidiaries of NYNJ Link Inc., the project company for the Goethals Bridge replacement project. The owners of the project are Macquarie Infrastructure Real Assets (90%) and Kiewit Development Co. (10%). The concession was granted with the Port Authority of New York and New Jersey to design, build, finance, maintain, and operate the replacement Goethals Bridge for a term of about 40 years (including a five-year construction period that was completed in 2018 by a JV of Kiewit, Weeks and Massman). The project involves construction of two three-lane, cable-stay bridges between Elizabeth, N.J., and Staten Island, N.Y., construction of new approach structures, realignment of the existing structures including a rail bridge, approach structures and an access road, and demolition of the existing bridge. Operating revenues are availability based.
OPI (Organización de Proyectos de Infraestructura)	Mexico	mxA	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 the 155-kilometer Circuito Exterior Mexiquense toll roads and infrastructure that are in the northeast zone of Mexico City, under a concession agreement that runs through 2051. The company operates as a subsidiary of OHL México, S.A.B. de C.V. Revenues are volume-based.
Ostregion Investmentgesellschaft Nr. 1 S.A.	Austria	BB-	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, operate, and maintain a 52-kilometer stretch of motorway to the north of Vienna under a 33-year public-private partnership 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.
Plenary Infrastructure ERMF GP	Canada	A-	Plenary Infrastructure ERMF GP has entered a public-private partnership with Ontario Infrastructure and Lands Corp. to develop, design, construct, finance, and maintain the East Rail Maintenance Facility in Whitby, Ontario. Revenues are availability based. The maintenance facility consists of more than 500,000 square feet of building space as well as fuel storage and tracks. It accommodates light and heavy maintenance work and provides additional train storage to support GO Transit's planned service expansions. It also provides daily maintenance for passenger trains with up to 12 cars. Construction run for four years to March 2019. The project has a 30-year availability-based operations period, and entered a 30-year fixed price facilities maintenance contract with Honeywell Ltd. for maintenance services, and renewal of the facility and plant services. The project retains the track and signal maintenance obligations within the facility buildings.
Plenary Walsh Keystone Partners LLC	U.S.	BBB	Plenary Walsh Keystone Partners LLC has a public-private transportation partnership agreement with the Pennsylvania Department of Transportation, to develop, design, construct, and maintain 558 geographically dispersed, structurally deficient bridges across the commonwealth of Pennsylvania. Construction is now complete, and the project is now responsible for bridge maintenance under a 25-year availability concession with PennDOT to 2043. The project is 80% owned by Plenary Group, and 20% by an investment entity owned by members of the Walsh family.
Purple Line Transit Partners LLC	U.S.	CCC	Purple Line Transit Partners LLC has a public-private partnership to finance, design, build, equip, and supply light-rail vehicles 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 and the Maryland Transit Administration. The purple line is a 16.2 mile 21-station east-west light rail transit system in the suburbs of southern Maryland just north of the District of Columbia. Construction was estimated to take 70 months but has been delayed, and is 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. PLTP is owned by Fluor (15%), Meridiam (70%), and Star America (15%).
Red de Carreteras de Occidente, S.A.B. de C.V.	Mexico	BBB/mxAAA	Red de Carreteras de Occidente, S.A.B. de C.V. 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. Additionally, RCO operates two federal toll-free roads (COVIQSA and CONIPSA), for which the project receives availability and shadow payments form the federal government.
Road Management Consolidated PLC	United Kingdom	BBB	Road Management Consolidated PLC (RMC) 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.
Rutas de Lima S.A.C	Peru	CCC+	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 kilometer (km) of road infrastructure on an aggregate basis: 95.3 km of which are brownfield and 19.3 km that are greenfield highways. The 115 km are dividend in three tranches: Panamerica Norte (31.5km), Panamericana Sur (54.1km), 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 on 9.7 existing km plus 19.3 km of new construction).
Scot Roads Partnership Finance Ltd.	United Kingdom	A	Scotland-based Scot Roads Partnership Finance Ltd. (the issuer) raised debt through a bond issuance and a European Investment Bank loan and onlent 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, which will run for approximately 33 years.
Sociedad Concesionaria Autopista Central S.A.	Chile	A-	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. Revenues are volume-based. 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 km of high-speed urban motorways (40 kilometers for Route 5 and 20 kilometers for General Velásquez).
Sociedad Concesionaria Autovia de la Plata S.A.	Spain	A-	Sociedad Concesionaria Autovía de la Plata S.A. (AutPlata) issued bonds to finance the construction, operation, and maintenance of a 49 kilometer (km) section of the A-66 motorway between Benavente and Zamora, in the northwest of Spain. AutPlata entered into an availability-based concession with the awarding authority, the Spanish Ministry of Public Works, part of Spanish central government, for a term of 30 years from Dec. 14, 2012. Operations commenced on May 12, 2015.
Sociedad Concesionaria Costanera Norte S.A.	Chile	A	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, running from east to west through Santiago, Chile. The highway is the main eastwest corridor through Santiago and has a free-flow toll collection system. The existing 7.4-kilometer Avenida Kennedy to the southeast of the route is also part of the concession. The concession has been extended 4.5 kilometers beyond the original western terminus at the intersection with Avenida Vespucio to Route 68. The total length of the concession highway is 42.3 kilometers.
Sociedad Concesionaria Vespucio Norte Express S.A.	Chile	BBB-	Sociedad Concesionaria Vespucio Norte Express S.A. was awarded a 30-year concession for the Sistema Américo Vespucio Nor-Poniente, an urban toll road system in Santiago, Chile in 2002. The system 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 owned by the Brookfield Infrastructure Group.
Terminales Portuarios Euroandinos Paita S.A	Peru	BB+	In 2009, Terminales Portuarios Euroandinos Paita S.A (Paita) 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.
Toll Road Investors Partnership II L.P.	U.S.	BB+ (SPUR) / AA	The project has a concession through 2056 (with possible 10-year extension) to operate the Dulles Greenway, a six-lane 14-mile tolled highway approximately 30 miles northwest of Washington D.C. It opened to traffic in 1995 and has a closed-barrier ramp system with one mainline barrier at the eastern end.
Transjamaican Highway Ltd.	Jamaica	B+	In 2001, the Jamaican government granted through the National Road Operating and Constructing Company, a 35-year concession contract for the design, construction, operation and maintenance of the Highway 2000 East-West to a consortium comprised by Bouygues Travaux Public, VINCI Concessions, the IFC and Proparco. This toll road is the only highway connecting Jamaica’s capital city and the greater Kingston metropolitan area. It runs for 50 kilometers with four toll plazas. Different sections were opened in 2003,2006 and 2012, and the project revenues are volume-based.
Transportation Infrastructure Properties LLC	U.S.	BBB+	Transportation Infrastructure Properties LLC (TrIPs) owns 38 air cargo facilities (36 assets after this financing) located or near 25 U.S. airports including some of the largest hubs in the U.S. (including Chicago O’Hare, New York‐John F. Kennedy, Miami, Houston, and Dallas‐Forth-Worth). All the facilities are operational. TrIPs leases the land but owns the facilities. Bonds are supported by the net revenues generated under short-term tenant leases.
Verdun Participation 2 S.A.	France	BBB- (SPUR) / AA	Verdun Participation 2 S.A. (VP2) is the 100% owner of Compagnie Eiffage du Viaduc de Millau, which holds the concession for the Millau viaduct in Southern France until 2079. The asset, Millau Viaduct is a 2.5-kilometer (km) long, seven-span cable-stayed road bridge built to enable traffic traveling on the north-south axis A75 motorway. It is the tallest bridge in the world, with one mast's summit at 343 metres above the base of the structure. The viaduct has been open since 2004. Project revenues are volume-based. VP2's ultimate shareholder is French construction and concession group Eiffage S.A. with a 51% stake, and French government-related financial institution Caisse des Dépôts et Consignations (CDC) with a 49% stake.
WVB East End Partners LLC	U.S.	BBB+	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 8 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, BBGI, and Walsh Investors LLC. A consortium of Walsh and Vinci completed construction in December 2016, and the project receives availability payments through the operations period.

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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:	Simon G White, New York + 1 (212) 438 7551; Simon.White@spglobal.com
	Anne C Selting, San Francisco + 1 (415) 371 5009; anne.selting@spglobal.com
	Pablo F Lutereau, Madrid + 34 (914) 233204; pablo.lutereau@spglobal.com
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Sector
Infrastructure & Utilities Project Finance
Tags
Americas Latin America APAC EMEA

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