Industry Report Card: The Light At The End Of The Tunnel: Project Finance Post-Pandemic

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21 Aug, 2023 | 17:36
United States of America, Latin America, EMEA, APAC, APAC, Canada

Industry Report Card: The Light At The End Of The Tunnel: Project Finance Post-Pandemic

Sector Infrastructure & Utilities Utilities & Power Project Finance
Tags Americas Latin America APAC EMEA
Topic Navigating Geopolitical Uncertainty

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Table of Contents

(Editor's Note: In the original version of this report, published Aug. 21, 2023, the table included a misplaced entity. A corrected version follows.)

Key Takeaways

This report card shows current ratings as of July 31, 2023, and changes in S&P Global Ratings' rated project finance portfolio since our last review in June 2022.
The credit impact of the COVID-19 pandemic is largely behind us, with the downgrade to upgrade ratio improving to 1.0x over the last 14 months, substantially down from 2.0x in early 2022 and 3.9x in 2020.
Downgrades and upgrades this year each represented around 12% of the portfolio. The peak level of downgrades in recent years was 18% of the portfolio in 2020. Over the last six years we have seen an average of 9% of the portfolio being upgraded per year and 13% downgraded.
The transportation and commodity sectors saw positive upgrade to downgrade ratios, while power and social infrastructure saw more downgrades than upgrades.
The ratio of negative outlooks and CreditWatch negatives to positive outlooks and CreditWatch positives is 4.0x, with 4.6% of the portfolio with a positive outlook or CreditWatch, and 18.2% of the portfolio having a negative outlook or CreditWatch. This suggests we may see more downgrades than upgrades over the next year or two across the portfolio. This is due to a combination of resource underperformance in renewable projects, higher-than-expected operating costs or deductions in some availability projects, volatile power prices, and exposure to interest rate risk for some projects with refinancing exposure.
The project portfolio remains heavily weighted toward the low-investment grade, with just over half of the portfolio in the 'BBB' category and 65%-70% rated investment grade.
The size of the portfolio is stable year-over-year with just over 300 rated entities and 15-20 new ratings and a similar number of withdrawn ratings since the last report card.

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In the period from May 2022 to July 2023, the portfolio had a ratio of 1.0x downgrades to upgrades. This was substantially down from the 2.0x ratio in 2021 and 3.9x ratio in 2020 and has returned to the typical pre-COVID trend. Having said that, the ratio of negative outlooks or CreditWatch negative to positive outlooks or CreditWatch positive is currently 4x, suggesting that we can expect more downgrades than upgrades over the next one to two years.

Over the last year there have been numerous economic stresses, including supply chain slowdowns during and after the COVID pandemic, spikes in energy prices, and sharp increases in inflation across much of the world. Central banks reacted fast with rate increases, and in recent months we've seen inflation peak and start to come down in much of the western world.

However, we expect inflation to remain elevated for the next couple of years, and this can stress projects, particularly those in construction, as well as those that are unable to pass through cost escalation (such as energy price or resource cost increases) to offtakers.

Wind and solar resource levels in several regions have been below expectations as well--whether this is a cyclical exposure linked to El Nino weather events or something more sustained remains to be seen, but we've seen stress in debt service coverage on some projects as a result.

Economic policy has had some impact as well, with large infrastructure legislation passed in the U.S. Additionally, policies encouraging renewable projects, particularly in Latin America, are leading to growth in the number of rated renewable projects in countries like Chile.

S&P Global Ratings also released its updated project finance criteria in December 2022. The direct rating impact was small, with around 15% of the portfolio put under criteria observation (UCO) and around 5% of the portfolio received a rating change, generally by one notch. However, these criteria can be applied to more variations of project finance. As a result, we've seen a reduction in projects that are rated under variations from the standard criteria--known as "rating to principles" by about two-thirds.

Project Overview

The project finance portfolio can be broken 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 or mining transactions. As of July 2023, S&P Global Ratings publicly rated 247 distinct entities, which compares with 256 as of June 2022. (See "Industry Report Card: A Year of Transition and Aftershocks For Project Finance," published June 28, 2022.) However, the number of private ratings has grown, and our total project finance portfolio remains above 300 distinct issuers. Since our last report in June 2022, we rated 16 new projects and 17 either reached maturity or were withdrawn (due to a refinancing, at the request of an issuer, or due to a default). We also cover a larger number of corporate entities in the power, midstream, transportation, and social infrastructure sectors. We either rate these other entities under our general corporate criteria, or, if they have some structure but are not sufficient for a project finance approach, under our structurally enhanced debt or project developer criteria.

Projects for which the rating was withdrawn include several transactions in the merchant power space, in particular coal generation, along with a couple of transactions that were refinanced during the year.

The new ratings cover a broad spread of asset classes and geographies--including small renewable portfolios in Chile, light rail, a chip fabrication plant, water and wastewater facilities, liquefied natural gas (LNG) facilities, and a stadium transaction. We continue to see more complex transactions, particularly with portfolios of assets, partial asset pledges, or complexities on revenue contracts and refinancing risk.

Within project finance, power remains the largest sector, covering 35% of the portfolio (down from 36% last year). Social infrastructure has grown 2% to cover 30% of the portfolio while transport remained at 26% (from 27% last year). Oil and gas projects make up 7% of the portfolio, and the remainder is spread between industrial, desalination, and sporting team projects. A higher percentage of social and transportation deals have public ratings relative to the power space.

Regionally, we categorize projects into U.S., Canada, Europe, the Middle East and Africa (EMEA), Latin America, and Asia Pacific. The percentage of projects in the U.S. remains at 31%, while Canada's proportion fell 2% to comprise 10% of the total. The percentage in EMEA increased 1% to total 33%, and there was 2% growth in the Latin American portion of the portfolio to cover 20% of the total. The remaining 5% of rated projects are in the Asia Pacific region.

Between 10%-15% of the portfolio projects have a monoline insurance wrap on their debt. Our rating breakout is of the underlying rating before the impact of these monoline wraps.

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Issuer Review

Note: All ratings are as of July 31, 2023, and we only list the rating for the most senior public tranche of debt.

Table 1

Issuer review
Project Name	Asset Class	Country	Rating	Description
Commodity
Abu Dhabi Crude Oil Pipeline	Oil Pipeline	UAE	AA	The limited-purpose entity Abu Dhabi Crude Oil Pipeline LLC (ADCOP) owns the 405-kilometer operational pipeline in the United Arab Emirates (UAE), which carries crude oil from Abu Dhabi's strategic onshore crude oil collection center at Habshan to an oil export terminal in Fujairah port and 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 O&M under 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.
Belfast Gas Transmission Financing PLC	Gas Pipeline	United Kingdom	AA/A	Belfast Gas Transmission Financing PLC (BGTF) was set up by Northern Ireland Energy Holdings (NIEH) to acquire Belfast Gas Transmission Pipeline (BGTP) from its previous owners in 2008. BGTP is a welded-steel pipeline approximately 37.4 kilometers (km) 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 SNIP at Ballylumford and transports high-pressure gas from Scotland-Northern Ireland Pipeline (SNIP) to above-ground installations at Larne, Tory Town, Knocknagoney, and Middle Division. The Premier Transmission System (PTS), consisting of the SNIP and the BGTP that extends it, is the only link currently in operation to ship gas through to Northern Ireland.
Ras Laffan Liquefied Natural Gas Company Limited II, Ras Laffan Liquefied Natural Gas Company Limited (3)	LNG Plant	Qatar	AA-	Qatar-based Ras Laffan Liquefied Natural Gas Co. Ltd. II and Ras Laffan Liquified Natural Gas Co. Ltd (3) (RL) are gas extraction and liquefied natural gas (LNG) production facilities in the State of Qatar. The two entities were set up to enter into limited recourse financings for the purpose of designing, building, and operating liquefied natural gas (LNG) trains 3, 4, and 5 for RLII and trains 6 and 7 for RL3, with a design production capacity of 15.6 mtpa. The debt issuance was used to fund the remaining construction activities of RL3, which were fully completed in 2011 following the completion of train 7. RL3 currently has a total of $1.9 billion of outstanding bonds and pari passu senior debt which will mature in September 2027. RLII and RL3 are both 70% owned by Qatar Petroleum and 30% owned by Exxon Mobil Corp. Sister company Rass Laffan II that operates trains 3, 4, and 5 repaid all outstanding debt in September 2020.
Cameron LNG LLC	LNG Plant	USA	A	Cameron LNG LLC is a limited purpose entity that built and now operates a 12 million ton per year natural gas liquefaction project consisting of three trains and export facilities. Construction ran from October 2014 to 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).
Premier Transmission Financing PLC	Gas Pipeline	United Kingdom	A	ProjectCo owns and manages the 61-centimer-diameter Scotland-Northern Ireland gas Pipeline (SNIP) and the Belfast Gas Transmission Pipeline (BGTP) 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 a distance of 135km, out of which 90km is onshore in Scotland, 42km is offshore crossing the Irish Sea, and 3 km is onshore in Northern Ireland. It has a contracted capacity entitlement of up to 8.08 million cubic meters per day.
North West Redwater Partnership	Refinery	Canada	BBB+	North West Redwater Partnership (NWR) is a 50-50 partnership between NWU L.P. and Canadian Natural Upgrading Ltd. NWR operates an upgrading and refining facility with the capacity to process approximately 77,000 barrels per day of bitumen blend. The project achieved commercial operations in June 2020. The NWR refinery is in Sturgeon County, the industrial heartland of Alberta. NWR has entered separate tolling agreements with Canadian Natural Resources Partnership (owned by Canadian Natural Resources Ltd. (CNRP)) and the Alberta Petroleum Marketing Commission (APMC). Under the tolling agreements, the CNRP supply the project with 12,500 barrels per day (bpd) and the APMC supply 37,500 bpd of raw bitumen, plus associated diluents. NWR is responsible for refining and marketing the refined products for which it receives a cost-of-service toll.
NWR Financing Co. Ltd.	Refinery	Canada	BBB+	Debt issuing vehicle for North West Redwater Partnership
Sabine Pass Liquefaction LLC	LNG Plant	USA	BBB+	Sabine Pass Liquefaction (SPLIQ), a subsidiary of Cheniere Energy Partners L.P., is a six-train LNG production project that obtains natural gas, converts it to LNG, and sells it to offtakers who pay a fee for production capacity and a fee for each unit of LNG produced. The sixth train was completed in early 2022 and all six trains are operating as anticipated.
Esentia Gas Enterprises S. de R.L. de C.V.	Gas Pipeline	Mexico	BBB	Esentia 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 (CFE) 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 (Pemex), for 30 MMCFD, about one-third of total capacity without compression.
FLNG Liquefaction 2 LLC	LNG Plant	USA	BBB	FLNG Liquefaction 2 LLC (FLIQ2) is a project developed by Freeport LNG that constructed and is now operating a liquefation train that converts natural gas to liquefied natural gas (LNG) in the U.S. Gulf Coast. Construction was completed in early 2020. FLIQ2 operates 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	LNG Plant	USA	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 Q2 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.
Cheniere Corpus Christi Holdings LLC	LNG Plant	USA	BBB-	U.S.-based project Cheniere Corpus Christi Holdings LLC (CCH) owns and operates Corpus Christi Liquefaction (CCL), a three processing train project that converts natural gas to liquefied natural gas (LNG), and Corpus Christi Pipeline L.P., a 23-mile 48-inch diameter natural gas pipeline, both in the U.S. Gulf Coast. Train 3 reached substantial completion in March 2021 and all three trains are now fully operational. CCH is wholly owned by Cheniere Energy Inc.
Venture Global Calcasieu Pass LLC	LNG Plant	USA	BB+	VGCP is developing and constructing a 10MTPA LNG liquefaction and export project along the Calcasieu Ship channel in Cameron Parish, Louisiana. The project will convert natural gas into LNG. It has a 20-year gas transportation agreements for natural gas supply and 20-year sales take or pay contracts on 95% of production. Construction is with 6 major subcontractors rather than under a single EPC contract with commercial operations date expected in early 2024.
MV24 Capital B.V.	Oil Production Platform	Brazil	BB	FPSO Cidade de Mangaratiba MV24 is a production platform deployed in October 2014 that can produce 150k barrels of oil per day and 280 cubic meters of gas, and has a storage capacity of 1.6 million barrels of fuilds. The asset is owned by a consortium of Japanese companies with construction financed by JBIC. It is located 240 miles offshore from 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.
Vast Infraestrutura S.A.	Terminal	Brazil	BB	Formerly known as Acu Petroleo S.A., Vast owns and operates the largest crude oil transshipment terminal in Brazil with current capacity of 1.3 million barrels per day. It is located in the state of Rio de Janeiro in the pre-salt area--one of the major ultra-deepwater oil drilling regions in the world and has been operating since 2016. The terminal includes berthing and mooring facilities and allows direct ship-to-ship transfers of crude oil. The project works with multiple customers with short- to medium-term contracts.
Energean Israel Finance Ltd.	Gas Field	Israel	BB-	In 2021, Israel-based Energean Israel Finance Ltd. issued $2.5 billion of senior secured notes and lent the proceeds to its affiliate, Cyprus-registered Energean Israel Ltd. (EISL), for development, operating, and supply of gas from the Karish and Tanin gas fields in Israel's exclusive economic zone. The first gas was delivered in October 2022 from Karish Main field. EISL expects to complete the deployment of the Karish North field by year-end 2023, and to construct a 5 km tie-back linking the first well to the floating production storage and offloading (FPSO) vessel. This should allow EISL to continue to deliver on its gas sales and purchase agreements until it begins production in the Tanin field (or other alternative fields such as the latest discoveries in the Olympus Area). As of March 2023, EISL's total 1P reserves are evaluated at 83 bcm of gas and 63 mbbl of liquids.
Leviathan Bond Ltd.	Gas Field	Israel	BB-	The Leviathan field is an offshore gas field located 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 11,380.0 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 on-lend to Delek Drilling, an entity with a 45.3% interest in the field. Debt is structured a number of bullet payment, and the project pays 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	Oil Storage Terminal	USA	CCC	Limetree Bay Terminals LLC is a terminal storage and marine facility in St. Croix, U.S. Virgin Islands. The facility has repurposed the former HOVENSA refinery as a storage terminal, which has a total of 27.4MMbbls now online for service. The terminal assets can store crude oil and various petroleum products such as gasoline, diesel, propane, jet fuel and fuel oil. LB Terminals is a deep water port with 11 docks. LB Terminals is under contractual obligation to build a SPM buoy to accommodate VLCCs and the buoy entered into service in December 2019.
Industrial
Metropolitan Biosolids Management LLC	Wastewater Management Facility	USA	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.
Gemini HDPE LLC	Industrial - high density polyethylene	USA	BB	Gemini HDPE LLC is a 50/50 joint venture between Ineos AG (Ineos) and Sasol Ltd. Gemini, a special-purpose, bankruptcy-remote entity, raised $524 million of capital to fund the construction of a 1 billion-pound bimodal high-density polyethylene (HDPE) plant in La Porte, Texas.
Natgasoline LLC	Industrial - Methanol Plant	USA	BB-	Natgasoline is a greenfield methanol production complex in Beaumont, Texas. It has a capacity of up to 1.75M metric tons per year and was commissioned in 2018.
Other
Foundry JV Holdco LLC	Chip Manufacturing	USA	A-	Foundry JV is an LPE that owns 49% of a Joint Venture with Intel to build and operate two semiconductor wafter production facilities in Arizona.
Igua Rio de Janeiro S.A.	Water and Sewage System	Brazil	brAA+	Igua Rio de Janeiro S.A. is a concessionaire that provides water distribution and sewage collection and treatment services for approximately 1.2 million people in the west region of Rio de Janeiro and two other municipalities.
Inter Media and Communication SpA	Football Team media and sponsorship	Italy	B	Inter Media and Communication S.r.l. is a bankruptcy-remote special purpose vehicle holding the intellectual property, media rights, and sponsorship revenues of F.C. Internazionale Milano S.p.A. The company is based in Milan, Italy
Power
DTE Energy Center LLC	Utilities System	USA	A	DTE Energy Center LLC (DTEEC) owns a portfolio of utility assets at vehicle manufacturing plants that it bought from an affiliate of FCA US LLC (formerly Chrysler Group LLC). DTEEC also entered eight substantially similar utility services agreements (USAs) with FCA's affiliate, Utility Assets LLC, under which DTEEC provides utility support services at FCA facilities in Toledo, Ohio; Kokomo, Ind.; and Detroit, Sterling Heights, and Warren, Mich. Daimler North America Corp. (DNAC) created Utility Assets to facilitate this transaction. 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.
Eletrans S.A	Transmission Lines	Chile	A-	Eletrans owns two trunk transmission lines located in Chile, the Cardones-Diego de Almagro (CADA): a 156-kilometer (km), 220 kV with two circuits that commenced operation in 2015 and 2016, respectively, and Ciruelos-Pichirropuli (CIPI): 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.
Emirates SembCorp Water & Power Co. PJSC	Power & Water Desalination	UAE	A-	The project is a United Arab Emirates (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 (MIGD) of net contracted water capacity. The original plant started operations in June 2004, and water capacity was upgraded in 2015. The project operates like a tolling plant, with capacity sole to Emirates Water and Electricity Company (EWEC, formerly Abu Dhabi Water and Electricity Co).
Mackinaw Power LLC	Power - Natural Gas	USA	BBB+	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.	Power - Natural Gas	Mexico	BBB+	Mexico Generadora de Energia, S. de R.L. (MGE) was formed to develop, construct, operate, and maintain two nominal 250MW 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.
Rowville Transmission Facility Pty Ltd.	Transmission Lines	Australia	BBB+	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 connects to AusNet's adjacent 220 kV transmission station. RTF receives a monthly availability payment under a 30-year network agreement with the Australian Energy Market Operator that expires in November 2029. Operations and maintenance 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	Power & Water Desalination	UAE	BBB+	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 Company, a 100% subsidiary of DOE, extends beyond the maturity of all refinanced debt.
Atlantica Transmision Sur S.A.	Transmission Lines	Peru	BBB	Atlantica Transmision Sur S.A. (formerly ABY Transmision Sur S.A.) 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..
Celeo Redes Operacion Chile S.A.	Transmission Lines	Chile	BBB	Celeo redes owns two trunk transmission lines in operations located in Chile’s main power grid, Sistema Interconectado Central (SIC). The assets are the 256km Alto Jahuel Transmisora de Energia, S.A, and the 198km 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.
Ciclo Combinado Tierra Mojada	Power - Thermal	Mexico	BBB	The project is a 875MW 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 sells 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.
Planta de Reserva Fria de Generacion de Eten S.A.	Power - Natural Gas	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 achieved COD in July 2015.
Tenaska Gateway Partners Ltd.	Power - Natural Gas	USA	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.	Power - Natural Gas	USA	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.	Power - Thermal	USA	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.
Yellowstone Energy L.P.	Power - PetCoke	USA	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.
Alfa Transmisora de Energia S.A.	Transmission Lines	Chile	BBB-	The project is a holding company that acquired 899km of transmission lines and 27 substations in 2021, all operational and based in Chile. The assets represent a 4.2% market share in Chile. Around 45% of revenues are regulated but the project does face recontracting risk on other bilateral contracts through the expected 50-year asset life.
Exeltium S.A.S.	Power	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 offtakers in terms of the prices and volumes of electricity available. The transaction has a single large supply contract with French state-owned electricity company Electricite de France S.A. and various offtake agreements with industrial clients. Exeltium issued debt to refinance all existing debt raised in 2010 and will repay the debt on an ongoing basis with receivables from the various major industrial offtakers under downstream contracts.
Prime Energia SpA, EnfraGen Spain, S.A.U., And EnfraGen Energia Sur, S.A.U.	Power	Chile, Colombia, Panama	BBB-	The project includes a portfolio of 19 assets totalling 1.7GW. The portfolio is diverse by technology and location, including 621GW of reciprocating engines, 36 MW of solar plants, and two open cycle diesel combustion engines generating 163MW in Chile, two combined cycle gas plants in Colombia totalling 851MW and 3 10MW 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 3 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 $725M five year senior loan. The notes start a cash sweep from 2026.
EIF Channelview Cogeneration LLC	Power - Natural Gas	USA	BB+	Channelview is an 856-megawatt (MW) and 1.75 million pounds her hour (lbs/hr) of steam combined-cycle gas-fired cogeneration power plant located adjacent to the LyondellBasel Industries Equistar refinery east of Houston. Channelview sells steam and a portion of its capacity (330MW) and associated electricity to Equistar, and sells the remainder of its electrical output to third parties under short-term contracts and into the ERCOT market on a merchant basis.
Midland Cogeneration Venture L.P.	Power - Natural Gas	USA	BB	Midland Cogeneration Venture L.P. (MCV) is a 1,633MW 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.
Generation Bridge LLC	Power - Natural Gas	USA	BB	Generation Bridge is a 3,596MW portfolio with six power generation assets across three U.S. merchant power markets--NYISO, CAISO and ISO-NE. Most assets are gas fired, with some oil and diesel generation.
Invenergy Thermal Operating I LLC	Power - Natural Gas	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 consists of (on a gross capacity basis): 51% ownership in each of three assets: Hardee, a contracted 370-MW combined-cycle gas turbine (CCGT) in Florida; Spindle Hill, a contracted 314-MW combustion turbine (CT) in Colorado; Cannon Falls, a contracted 357-MW CT in Minnesota; and 100% ownership of another 4 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
Cachoeira Paulista Transmissora de Energia S.A.	Transmission Lines	Brazil	brAAA	Cachoeira Paulista Transmissora de Energia (CPTE) holds a concession contract to build, operate and maintain a 181km 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.
Carroll County Energy LLC	Power - Natural Gas	USA	BB-	Carroll County is a natural gas fired combined-cycle plant with a 700 MW capacity. CCE is located in Carroll County, Ohio and 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 2025.
Celeo Redes Transmissao de Energia S.A.	Transmission Lines	Brazil	brAAA	Celeo Redes Transmissao is a nonoperating holding company with two operational transmission lines--the 324km Vila do Conde Transmissora de Energia S.A. (VCTE) and 695km LT Triangulo S.A. (LTT)--and concession contracts maturing in 2035 and 2036, respectively. These transmission lines receive availability payments annually adjusted by inflation. When these assets reach their sixteenth year of operation, annual revenues will drop by 50%, according with the concession contract.
Compass Power Generation LLC	Power - Natural Gas	USA	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) and Milford (also in ISO-NE, with cleared capacity through 2027).
CPV Maryland LLC	Power - Natural Gas	USA	BB-	CPV Maryland is also known as St. Charles Energy Center. It is an operating 745MW natural gas-fired combined cycle gas turbine (CCGT) facility located in Charles County, Maryland. It achieved COD in 2017 and uses a GE 7FA.05 turbine technology. It operates in the PEPCO Zone of the PJM poewr market.
Edgewater Generation LLC	Power - Natural Gas	USA	BB-	Edgewater Generation is a portfolio of four natural gas fired assets totaling 2.7 GW. The 1.3 GW Fairless Power Station is the portfolio’s marquee assets, located in Pennsylvania within PJM. Also within PJM are the West Lorain and Garrison facilities. West Lorain is a 545 MW peaking facility near Lake Erie in Lorain, Ohio, and Garrison is a 309 MW facility in Dover, Del. The portfolio also has exposure to ISO-NE via its 510-MW Manchester Street Power Station is located in Rhode Island. The project’s sponsor is Starwood Energy Group.
Generation Bridge II LLC	Power - Natural Gas	USA	BB-	The project owns three operational gas-fired power plants, two in Connecticut (NE-ISO) and one in upstate New York (NYISO) with a total capacity of 1.8GW.
Hamilton Projects Acquiror LLC	Power - Natural Gas	USA	BB-	The project owns the Liberty and Patriot combined cycle power plants. The plants have a capacity of 829MW and 842MW, respectively, and both reached commercial operations in 2016. Both are located in Pennsylvannia and dispatch into the PJM region.
Helix Gen Funding LLC	Power - Thermal	USA	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 4 unregulated power generation facilities in 2017 from TransCanada Corp, but sold 3 all assets except the 2.4GW Ravenswood facility, which is located in NYISO zone and can run on gas or oil.
LMBE-MC HoldCo II LLC	Power - Natural Gas	USA	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.
Manaus Transmissora de Energia S.A.	Transmission Lines	Brazil	brAAA	The project operates two electricity transmission lines under 30-year concession contracts with the Federal Government of Brazil. The two asstes are operational and located in Amazonas and Para States, and extend for a total of 586km.
Norte Brasil Transmissora de Energia S.A.	Transmission Lines	Brazil	brAAA	Norte Brasil has a 30-year concession until 2039 to build, implement, operate and maintain the 2,375km (600kV) Porto Velho-Araraquara 2 transmission line. The line is fully operational, and receives a fixed annual payment from the regulator based on availability.
Panoche Energy Center LLC	Power - Natural Gas	USA	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 PPA with PG&E. It contracts out day-to-day operations and maintenance to NAES Corp. A contractual services agreement with GE Energy, an affiliate of General Electric Co, covers major maintenance.
St. Joseph Energy Center LLC	Power - Natural Gas	USA	BB-	SJEC is a 709MW 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 (COD) on April 1, 2018. While the project sells electricity into the merchant market, its heat rate between 6,600 and 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.
UTE Pampa Sul S.A.	Power - Thermal	Brazil	brAAA	Usina Termelétrica Pampa Sul (UTE Pampa Sul) is a Special Purpose Entity (SPE) 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.
Astoria Energy LLC	Power - Natural Gas	USA	B+	Astoria Energy LLC is a special-purpose, bankruptcy-remote entity that owns a 585-megawatt natural gas-fired power plant in Queens, N.Y. It is owned by a consortium of sponsors, including GDF Suez NA (43.94%), MyPower Corp. Inc. (35.57%), JEMB Family L.P./Harbert Management Corp. (14.68%), and Energy Investors Fund (5.82%). The power purchase agreement (PPA) with Consolidated Edison of New York ran through April 2016, and it became a merchant generator when that contract expired.
CPV Shore Holdings LLC	Power - Natural Gas	USA	B+	CPV Shore Holdings, LLC is a natural gas fired combined cycle generation plant based in Woodbridge, New Jersey. The power plant consists of two duct fired triple pressure reheat Heat Recovery steam generator (HRSGs), two wet evaporative cooled GE 7FA.05 gas turbines, and one GE D11 steam turbine. CPV generates net output of approximately 725 MW 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.
EFS Cogen Holdings I LLC	Power - Natural Gas	USA	B+	EFS Cogen Holdings I LLP is a special-purpose, bankruptcy-remote entity that owns two gas-fired combined-cycle cogeneration facilities at the site of the Phillips 66 Bayway Refinery in Linden, N.J. The assets are the 777 megawatt (MW) Linden 1-5 facility, completed in May 1992, and the 165 MW Linden 6 facility, completed in January 2002.
Oregon Clean Energy LLC	Power - Natural Gas	USA	B+	Oregon Clean Energy, LLC (“OCE” or the “Project”) is an 869-MW natural gas-fired combined cycle generation facility (“CCGT”) located in Oregon, Ohio. The Project reached COD 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. (“ATSI”) region of the PJM market; the project sources gas from the Marcellus and Utica basins via the ANR and Panhandle Eastern pipelines.
Parkway Generation LLC	Power - Natural Gas	USA	B+	Parkway generation is a fleet of eight operational gas-fired generating assets in New Jersey and Maryland with a total capacity of 4,805MW.
Eastern Power LLC	Power - Thermal	USA	B	Eastern Power LLC is a project-financed portfolio of six merchant assets totaling 3.7 gigawatts (GW). These plants service the Pennsylvania-New Jersey-Maryland Interconnection (PJM; American Electric Power, AEP, and Commonwealth Edison [ComEd] zones) and New York Independent System Operator (NYISO, Zone J). The plants are Rolling Hills, an 850MW combustion turbine selling to PJM AEP, Crete, a 328MW CT and Lincoln, a 656MW CT, both selling to PJM ComEd, and U.S. Power Generating, which comprises three peaking facilities--Astoria, Gowanus, and Narrows--in NYISO Zone J. The first three plants are relatively young with average age of 18 years, while the NY peakers are relatively old with weighted age of 59 years.
Kestrel Acquisition LLC	Power - Natural Gas	USA	B	Kestrel Acquisition LLC is the owner of the Hunterstown power plant, an 810 MW 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.
UTE GNA I Geracao de Energia S.A.	Power - Thermal	Brazil	brA	The UTE GNA I project includes a gas fired combined cycle generation facility with a total installed capacity of 1.338GW and an LNG Import Terminal with a 21MM m3/day capacity, both located in Port of Acu, in the State of Rio de Janeiro, Brazil. Construction was completed in 2021 and project debt matures in 2039. The project sells all generation in the regulated market under a 23 year PPA and has a long term LNG supply contract in place.
Lightstone Holdco LLC	Power - Thermal	USA	B-	Lightstone HoldCo LLC has four power plants totalling 5.3GW in the Pennsylvania-Jersey-Maryland (PJM) power market in the USA. The projects are Darby Generating Station (480MW 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.
Revere Power LLC	Power - Natural Gas	USA	B-	Revere Power LLC is a project-financed entity that wholly owns and controls three combined cycle gas plants in New England with a combine winter capacity of 1,143 megawatts (MW). 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.
West Deptford Energy Holdings LLC	Power - Natural Gas	USA	B-	West Deptford Energy Holdings LLC owns a 744-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 7187 BTU/kWh). It began commercial operations on Nov. 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 Company, LLC respectively. The project earns revenue on a merchant basis and is in the PJM region.
Elwood Energy LLC	Power - Natural Gas	USA	CCC+	Elwood Energy LLC is project financing that owns a 1,409 megawatt (MW) natural gas-fired peaking power plant about 50 miles southwest of Chicago. It has nine simple-cycle General Electric 7FA turbines of approximately 172 MW each and earns cash flow from contracts, the PJM Interconnection capacity market, and merchant energy sales. Units 1-4 commenced operations in July, 1999 and Units 5-9 came online in May-July 2001. Elwood is owned 50% by Dynegy Inc. and 50% by a J-Power U.S Generation L.P. subsidiary.
Renewable
Anselma Issuer S.A.	Power - Solar	Spain	AA/BB+	The project operates a portfolio of 18 solar photovoltaic parks located in Spain, with an aggregate capacity of 35.34MW. All assets have been operating since 2007 or 2008, and the project earns revenue under the Spanish regulated renumeration regime for renewable projects.
Desarrollos Empresariales Trafalgar S.A.	Power - Solar	Spain	AA/BB+	Desarrollos Empresariales Trafalgar S.A. (DET) issued €342 million of senior secured notes in 2020, which are serviced via receivables generated by 23 photovoltaic (PV) plants that convert light into electricity. The PV plants' portfolio is closed, meaning that PV assets cannot be added or removed during the tenor of the debt. The PV plants have an aggregate nominal capacity of 55 megawatts (MW) and benefit from the Spanish regulatory framework for renewable projects until 2038 and 2041. The modules across the portfolio were provided by 27 different manufacturers, the majority of which are still in business. The inverters were also provided by 11 different manufacturers.
Enersol Solar Santa Lucia S.A.	Power - Solar	Spain	AA/BBB	The project owns a portfolio of nine solar photovoltaic parks located in the southern region of Spain, with an aggregate capacity of 38MW. All PV plants have been operating since 2008, and the project operates under the Spanish regulated renewable renumeration scheme. The project initially issued debt through newly created entity Izcalli Investments S.A.U. which was later merged with the project company.
FSL Issuer S.A.U.	Power - Solar	Spain	AA/BB	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.
Hypesol Solar Inversiones S.A.U.	Power - Solar	Spain	AA/BB+	Hypesol issued €325.6 million of senior secured notes and lent the proceeds to the Helios I and Helios II (both together the project companies or ProjectCos), on similar terms and conditions as those of its own bond issuance. The issuer services the notes using receivables from the proceeds it lent to the ProjectCos, which generate their cash flows by converting sunlight into electricity through two concentrating solar power (CSP) plants. Situated in central Spain and commercially operational since 2012, the plants each have a nominal capacity of 50 megawatts (MW). They benefit from the Spanish regulatory framework for renewable projects until December 2037.
CSolar IV South LLC	Power - Solar	USA	BBB+	CSOLAR IV South LLC (CSolar) is 130‐MW (AC) fixed‐tilt thin‐film solar photovoltaic power project located in California's Imperial Valley. The project achieved commercial operations on Nov. 1, 2013, and operates under a 25‐year as‐available power purchase agreement (PPA) with San Diego Gas and Electric Co. CSolar is jointly owned by affiliates of Tenaska Energy Inc. and the Prudential Insurance Co. of America. The solar panels were supplied by First Solar, and First Solar is also the operator of the plant.
Solaben Luxembourg S.A.	Power - Solar	Luxembourg	BBB+	Luxembourg-based limited-purpose entity Solaben Luxembourg S.A. issued bonds and onlent the proceeds under individual agreements to Solaben Electricidad Uno S.A. and Solaben Electricidad Seis S.A. (the 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 ProjectCos are ultimately owned by Atlantica Yield PLC.
Sweihan PV Power Co. PJSC	Power - Solar	UAE	BBB+	Sweihan owns and operates the Noor PV complex in Abu Dhabi, with 1177 MW(DC) / 881MW (AC) installed capacity of photovoltaic (PV) solar generation. The project completed construction in 2019 and has a power purchase agreement with Emirates Water & Electricity Company that runs until 2049.
UMH Energy Partnership	Power - Hydro	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 [MW]). 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.
CE Oaxaca Cuatro, S. de R.L. de C.V.	Power - Wind	Mexico	BBB	CE Oaxaca Cuatro, S. de R.L. de C.V. is a 102 megawatt (MW) wind farm located in the Isthmus region of Tehuantepec in the state of Oaxaca, 17 kilometers away 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 matures in 2032 for all energy produced. CE Oaxaca IV has a mirror project, which is Oaxaca II.
CE Oaxaca Dos, S. de R.L. de C.V.	Power - Wind	Mexico	BBB	CE Oaxaca Dos, S. de R.L. de C.V. is a 102 megawatt (MW) wind farm located in the Isthmus region of Tehuantepec in the state of Oaxaca, 17 kilometers away 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.
Continental Wind LLC	Power - Wind	USA	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 (PPA) 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.
Hallett Hill No 2 Pty Ltd.	Power - Wind	Australia	BBB	Hallett Hill No.2 Pty Ltd. is the owner of the Hallett Hill 2 wind farm, located 200 kilometers north of Adelaide in 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. (AGL), which sold it in 2008 to Energy Infrastructure Trust, a wholesale unlisted unit trust focused on infrastructure assets. As part of the transaction, AGL entered into a 25-year offtake contract on a take-or-pay basis, under which AGL will acquire all the electricity generated by the wind farm in return for a CPI-linked fixed payment profile.
Solar Star Funding LLC	Power - Solar	USA	BBB	Solar Star Funding LLC is a 589MW-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.
Sonnedix Finance S.A.	Power - Solar	Spain	BBB	In 2016, Luxembourg-based limited-purpose entity Sonnedix Finance S.A., the issuer (previously called Vela Energy Finance S.A.) issued three series of notes totaling €404.4 million. The portfolio has an aggregate gross generating capacity of approximately 87.7 megawatts (MW) on a nominal basis through 42 solar photovoltaic (PV) parks. The portfolio of PV parks owned by the ProjectCos is closed, meaning that PV assets cannot be added or removed during the term of the financing. The majority of the parks began commercial operations in 2008, and they all benefit from regulated remuneration.
Alta Wind Holdings LLC	Power - Wind	USA	BBB-	Alta Wind Holdings LLC owns and operates, through its subsidiaries, four wind power projects (Alta Wind Projects II through V) totaling 570 megawatts (MW) in the Tehachapi Pass region of California, about 100 miles north of Los Angeles. The project sells power to Southern California Edison Co. (SCE) under long-term power purchase agreements (PPA) and service debt with cash flow from energy sold under the PPA. Alta is wholly owned indirectly by NRG Yield Inc.
Parque Eolico Kiyu S.A.	Power - Wind	Uruguay	BBB-	The project owns and operates a 49.2MW 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 PPA to Administracion Nacional de Usinas y Trasmision Electrica S.A , the state owned electric company in Uruguay. The project was sold to Cubico Sustainable Investments Limited, a Canadian investment fund, in 2022.
Tecnica Universal Solar S.A.	Power - Solar	Spain	BBB-	Tecnica Universal Solar operates a portfolio of five solar photovoltaic plants situated throughout Spain with a nominal capacity of 8.79MW.
WindMW GmbH	Power - Wind	Germany	BBB-	WindMW GmbH is a special-purpose, bankruptcy-remote company, owned by China Three Gorges Corp. WindMW owns and operates a 288MW wind farm located in the North Sea off the German coast, which began commercial operations in 2015. The project's sole source of revenue through 2027 is a guaranteed feed-in-tariff under German law of €154 per MW-hour (MWh). Thereafter, the project is exposed to market risk only between 2027 and 2035, the assumed end of the asset life.
Adani Green Energy Limited Restricted Group 2	Power - Solar	India	BB+	AGEL RG2 consists of three operating entities--Wardha Solar (Maharashtra) Pvt. Ltd., Kodangal Solar Park Pvt. Ltd., and Adani Renewable Energy (RJ) Ltd. These entities are the co-issuers and co-guarantors of the $362.5 million senior secured fixed-rate 20-year bond. The three issuers collectively own and operate a portfolio of 10 solar assets in two states in India, with 570 megawatts (MW) of installed capacity. Sales are fully contracted under long-term fixed-price power purchase agreements (PPAs). The offtakers include government-owned Solar Energy Corp. of India (SECI) (70% of total EBITDA) and state distribution utilities Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) (25% of total EBITDA) and Bangalore Electricity Supply Co. Ltd. (5% of total EBITDA).
Topaz Solar Farms LLC	Power - Solar	USA	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 (BHER). 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.	Power - Renewable	Panama	BB	The project includes a combined portfolio of 215 megawatts (MW) of wind assets (UEP II) and 40MW 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 $262.7 million of debt was issued in 2020 and matures in 2038.
Parampujya Solar Energy Private Ltd. Restricted Group	Power - Solar	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 a $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 930MW of installed capacity. Sales are fully contracted under long-term fixed-price power purchase agreements with offtakers. These include central government companies such as NTPC Ltd. and Solar Energy Corp. of India (SECI; combined 63% of total EBITDA) and state distribution companies (discoms; the remaining 37% of total EBITDA).
Caldeirao Grande Energias Renovaveis S.A.	Power - Wind	Brazil	brAA	Caldeirão Grande owns seven special purpose entities (SPEs) that together form the Caldeirão Grande I wind farm cluster. The cluster has a total installed capacity of 189 MW across 70 Alstom ECO122 turbines and its concession ends in October 2043. It is located approximately 350 km southeast of Teresina, the capital city of the state of Piauí, in the northeastern Brazil. Commercial operations started in 2017 and the project has a free-market PPA with Companhia Energética de Minas Gerais S.A. (CEMIG) totaling 89 average megawatts (MWa) maturing in December 2035.
Geradora Eolica Bons Ventos da Serra I S.A.	Power - Wind	Brazil	brA-	Bons Ventos is an onshore wind-power project finance. It owns and operates a wind power project, Malhadinha I, totaling 23.1 MW of installed capacity through 11 turbines (2.1 MW each). The project is located in the state of Ceará, in the Northeastern region of Brazil.
Chapada do Piaui I Holding S.A.	Power - Wind	Brazil	brCCC-	Chapada I is a project with seven wind parks with 115 GE turbines and 205.1MW of installed capacity, and 114.3MW of assured energy on an aggregate basis. Construction was completed in 2015. The parks are located 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 (CCEE).
Desarrollos Eolicos Mexicanos de Oaxaca 1 S.A.P.I. de C.V.	Power - Wind	Mexico	D	The project (Demex) is a wind farm in Mexico with 45 turbines and generation capacity of 90MW. Commercial operations began in 2012. 25 of the turbines were damaged in an earthquake in 2017, although all were repaired and brought back into operation by 2019. The project has a Power Purchase Agreement (PPA) with Grupo Bimbo through 2030 and O&M is currently managed under a 10-year contract with Gesa.
Inversiones Latin America Power Limitada	Power - Wind	Chile	D	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. (LAP), which is owned by BTG Pactual (45.85%), Patria Investimentos (45.85%), and GMR Energy (8.3%).
Social
Ancora (OAHS) Pty Ltd.	Hospital	Australia	AA/BBB	Ancora (OAHS) Pty Ltd. is the financing vehicle for the Orange and Associated Health Services PPP 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 availability-based concession runs for 28 years and expires in 2035. Pinnacle was responsible for financing, planning, design, and construction of new facilities on the Bloomfield site in Orange, including 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.
Aspire Defence Finance PLC	Military Barracks	United Kingdom	AA/A-	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, finance, and operate new living and working accommodations at four army bases in Southern England. The project is backed by an availability-based project agreement signed with the U.K. defense secretary that runs until March 2041. ProjectCo is responsible for providing facilities management to the garrisons, a role that it subcontracted to Aspire Defence Services, which is fully owned by Kellogg Brown & Root Ltd. ProjectCo remains responsible for the cost of most major maintenance (life cycle).
Baglan Moor Healthcare PLC	Hospital	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.
Brooklyn Events Center LLC / Brooklyn Arena Local Development Corp	Stadium	USA	AA	The project, known as Barclays Center, is an enclosed multipurpose arena that is the home of the Brooklyn Nets of the National Basketball Association. Brooklyn Events Center, the arena operator, makes PILOT payments assigned to the trustee as security for the bonds. Arena revenues from luxury suite premiums, signage and advertising, naming rights, concessions, a share of club and regular seat ticket sales, and merchandise support the PILOT obligations.
BWP Issuer PLC	Prison	United Kingdom	AA/BBB-	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.
Capital Hospitals (Issuer) plc	Hospital	United Kingdom	AA/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 (capex) of £1.1 billion, this is the biggest health care PFI project in the U.K.
Catalyst Healthcare (Romford) Financing PLC	Hospital	United Kingdom	AA/BBB-	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 that is part of the UK private-finance initiative. 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 (FM) services since September 2005.
Catalyst Higher Education (Sheffield) PLC	Schools	United Kingdom	AA/BB+	U.K.-based limited-purpose entity Catalyst Higher Education (Sheffield) PLC designed and built student accommodation for the University of Sheffield (UoS), consisting of 4,190 beds. UoS markets and allocates ProjectCo's rooms without bias, as part of its student accommodation portfolio. The project is backed by a 40-year agreement with the UoS terminating in June 2046, 11 months after the debt maturity. The agreement outlines the mechanism of payments from the UoS to ProjectCo, part of which are availability-based and index-linked, while the remaining revenues portion retains market risk. The debt is fully index-linked. Under the agreement, ProjectCo provides hard facilities management and life cycle services to the accommodation, with both tasks sub-contracted to a third party (Equans) in exchange for regular payments under a fixed schedule. The UoS is responsible for soft FM services and administration of student rent agreements, including collection of a university accommodation charge comprising ProjectCo's rent, utilities, and some other charges. The project benefits from the unconditional and irrevocable payment guarantee of scheduled interest and principal provided by Assured Guaranty UK Ltd.
Central Nottinghamshire Hospitals Plc	Hospital	United Kingdom	AA/BB-	Central Nottinghamshire Hospitals PLC (ProjectCo) issued a £351.9 million index-linked senior secured bond (including a £32.0 million variation bond) due 2042 to finance 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., under a 37-year private finance initiative concession agreement. Construction was completed in 2011. Hard facilities management (FM) services are provided by Skanska Facilities Services, and soft FM services by Compass Contract Services (UK) Ltd.
Coventry & Rugby Hospital Co. PLC (The)	Hospital	United Kingdom	AA/B-	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 (PFI) agreement with University Hospitals Coventry and Warwickshire National Health Service Trust (UHCWT) and Coventry Teaching Primary Care Trust.
Criterion Healthcare PLC	Hospital	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.
East Slope Residencies PLC	Student Housing	United Kingdom	AA/BBB	East Slope Residencies Student Accommodation LLP (ProjectCo) was created to design, build, and operate 2,117 new student bed spaces in a combination of cluster flats and town houses located within the University of Sussex campus near Brighton. Construction commenced in 2017 and was completed in December 2020 by Balfour Beatty Regional Construction Ltd., a subsidiary of Balfour Beatty PLC. The soft facilities management (FM) services are carried out by UoS, while the hard FM services are delivered by East Slope Residencies Facilities Management Ltd., a subsidiary of Balfour Beatty. ProjectCo retains major maintenance (lifecycle) risk. The senior secured debt benefits from an unconditional and irrevocable guarantee provided by AG, the controlling creditor under the financing agreement for the bonds.
Endeavour SCH PLC	Hospital	United Kingdom	AA	Endeavour is a limited-recourse, special-purpose project company. It entered a concession agreement with South Tees Acute Hospitals NHS Trust under which it designed, built, and financed major additions to the South Cleveland Hospital, Middlesbrough, as well as refurbished some existing facilities. Endeavour provides maintenance and certain property and management services to the hospital for the 30 years following construction completion in 2002. The provision of medical and clinical services at the Hospital remain the responsibility of the Trust. The project is part of the U.K. Government's NHS PFI program.
Exchequer Partnership (No. 2) PLC	Office Space	United Kingdom	AA/A+	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 currently houses approximately 2,100 workstations for HMRC and other government departments. Lendlease (formerly Bovis Lend Lease) carried out the refurbishment between 2002 and November 2004. Since then, EP2 has provided a full suite of soft and hard facility management services, which it subcontracts to Bellrock Property & Facilities Management and to Engie, respectively.
Freemens Common Village LLP	Student Housing	United Kingdom	AA/BBB-	U.K.-based limited-purpose entity Freemens Common Village LLP 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 was completed in September 2022 and currently the project operates 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 Equans Services Ltd.
Healthcare Support (North Staffs) Finance PLC	Hospital	United Kingdom	AA/BBB-	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. The project operates and maintains the facilities under a 37-year availability-based PFI contract with the Trusts.
Holyrood Student Accommodation Plc	Student Housing	United Kingdom	AA/BBB-	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 Co. (QAH Portsmouth) Ltd. (The)	Hospital	United Kingdom	AA/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 continues to be collaborative.
Hospital Co. (Swindon & Marlborough) Ltd. (The)	Hospital	United Kingdom	AA/A-	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. (CSL) following the latter's liquidation in January 2018.
InspirED Education (South Lanarkshire) PLC	Schools	United Kingdom	AA/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 (PFI) ending Aug. 31, 2039. Construction was completed in three phases between 2007 and 2009.
Integrated Accommodation Services plc	Office Space	United Kingdom	AA/A	Under a 30-year project agreement structured as a U.K. 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 (FCA). GCHQ is the U.K. intelligence agency that has a statutory responsibility to provide intelligence to U.K. government departments and military commands, and plays an essential role in supporting the U.K. government's security, defense, foreign, and economic policies.
Jets Stadium Development LLC	Stadium	USA	AA/BBB	The project is an 82,500-seat open-air stadium in East Rutherford, N.J. and is home to the National Football League's New York Jets and New York Giants. Jets Stadium used proceeds to fund its portion of the construction costs of New Meadowlands Stadium Co. LLC (NMSCO), now known as MetLife Stadium. NMSCO, a joint venture owned 50% by Giants StadCo and 50% by Jets StadCo, operates the stadium. The debt is supported by Jets StadCo's share of stadium revenues. Stadium revenues include 50% of the naming rights, advertising, cornerstone contracts, and other events, and 100% of Jets StadCo's stadium revenues, including suites, club seat premiums, parking, and game-day revenues such as concessions. Under the 2014 reimbursement agreement, supplemental stadium revenues are pledged to bondholders.
Keele Residential Funding PLC	Student Housing	United Kingdom	AA/A	On July 13, 2007, U.K.-based special-purpose vehicle Keele Residential Funding PLC (KRF) issued £137.5 million of 2.108% guaranteed index-linked secured bonds. Upon issuance, KRF redeemed its existing debt, leased all of the student accommodation located on the grounds of the University of Keele (the university) until 2029, and entered into an agreement with the university to extend the lease from its expiry date to July 31, 2047 (the reversionary lease). Under the lease, the university is responsible for performing refurbishment, repairs, renewals, and ongoing maintenance of the student accommodation. The university funds these obligations via payments received from KRF, the maintenance reserves it set aside upon the financial close, and its own resources. The project has appointed the university to rent out its student accommodation to generate a contractually defined rental income (base-case rental) and to collect the corresponding payments on its behalf. The university is also entitled, in consideration for the payment of the license fees, to use the student accommodation in excess of that generating the base-case rental and to use the car parking facilities. KRF services its debt with the rent collected from the student accommodation by the university on its behalf and the license fees due from the university.
Kingston Student Living LLP	Student Housing	United Kingdom	AA/BBB-	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 on 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 (KU) main campus, with construction scheduled for completion in late 2022. The ProjectCo will operate the student accommodation for 50 years from practical completion under a project agreement with the KU, which provides for a number of protective covenants that partially mitigate the risk stemming from alternative accommodation supplies.
Louisville Arena Authority Inc.	Stadium	USA	AA/BBB	Louisville Arena Authority Inc. was created to oversee the design, construction, and operation of the 22,000 seat arena in downtown Louisville, Ky known as the Yum Center. The arena is the home of the University of Louisville's men's and women's basketball programs. In addition, the arena hosts an array of other events like concerts, family shows, tradeshows, conventions, and other sporting events. The arena opened in late 2010, and is now managed by AEG. Project revenues come from 3 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	Student Housing	United Kingdom	AA/BBB-	The project is responsible for design, construct, and operation of two colleges comprising 992 student rooms, plus associated hub buildings, for the University of Durham. The project is backed by a 51-year nominations agreement with the university. The hub and multi-use games area were completed in November 2019, and the construction of the colleges was completed in August 2020. Mount Oswald Colleges LLP is responsible for facilities management (FM) and lifecycle works, both of which it subcontracts to the FM service provider, Campus Living Villages (Durham) UK Ltd. (CLV), under a back-to-back FM service contract running to the end of the nomination agreement.
MPC Funding Ltd.	Convention Center	Australia	AA/A	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	Hospital	United Kingdom	AA/BBB-	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 (PFI) concession agreement with St. Helens and Knowsley Teaching Hospitals NHS Trust to design, build, operate, and maintain two hospital facilities at the St. Helens and Warrington Road, Prescot (Whiston) sites. The construction of the two hospital facilities was completed in June 2012.
Octagon Healthcare Funding PLC	Hospital	United Kingdom	AA/BBB	Octagon Healthcare Funding PLC is a special-purpose vehicle (SPV) that issued bonds in December 2003 to refinance the bank debt incurred by Octagon Healthcare Limited (ProjectCo) in 1998 to fund the design, construction, operations, and maintenance of Norfolk and Norwich University Hospital, a 1,237-bed single-build hospital in the city of Norwich, England. Octagon Healthcare Ltd. (ProjectCo) entered into a 60-year project agreement, expiring August 2061, with Norfolk and Norwich University Hospitals National Health Service (NHS) Foundation Trust (the Trust). The Trust has the option to terminate the agreement with no compensation to ProjectCo in 2037, 2042, or 2052. Construction was completed in August 2002.
Plenary Conventions Pty Ltd.	Convention Center	Australia	AA/A	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.
S4B (Issuer) PLC	Public Housing	United Kingdom	AA/BBB-	In December 2013, U.K.-based special-purpose entity S4B (Issuer) PLC issued £73.525 million bonds and bonds and lent the proceeds to S4B Ltd. (ProjectCo). ProjectCo used the proceeds to regenerate the Brunswick public housing estate in central Manchester. ProjectCo operates under a 25-year availability-based private finance initiative (PFI) concession with Manchester City Council, which expires in December 2038. ProjectCo was responsible for the partial demolition and construction of new housing, refurbishment of existing housing, relocation of existing shops, and construction of an extended care facility. The estate, which has both low-rise and high-rise buildings, includes approximately 1,200 housing units. Mears Ltd. carried out the refurbishment and Galliford Try completed the new-build construction. ProjectCo has subcontracted facility management (FM) services to Mears and housing management services to Onwards on a back-to-back basis.
Solutions 4 North Tyneside (Finance) PLC	Aged Housing	United Kingdom	AA/A-	U.K.-based Solutions 4 North Tyneside (Finance) PLC (the issuer) issued bonds and on-lent the proceeds to Solutions 4 North Tyneside Ltd. (ProjectCo). ProjectCo is using the proceeds to provide and maintain 924 high-quality sheltered-housing dwellings, both new and refurbished, for older people across the North Tyneside metropolitan borough of Tyne and Wear, under a 28-year private finance initiative project agreement with North Tyneside Council. The scheme involves demolition, new build, refurbishment, and environmental works in respect of the properties.
St. James's Oncology Financing PLC	Hospital	United Kingdom	AA/BBB	In March 2017, St. James's Oncology Financing PLC issued £173.15 million of notes, £57.0 million of fixed-rate bonds, and £38.0 million of index-linked bonds, all due March 2037. The issuer on-lent the proceeds to St. James's Oncology SPC Ltd. (ProjectCo) to refinance long-term senior debt issued in 2004 to finance, construct, and operate a 350-bed oncology wing (the Bexley Wing) for St. James's University Hospital in Leeds. ProjectCo operates under a 33-year project agreement (PA) with Leeds Teaching Hospitals NHS Trust that expires in December 2037. Lendlease Construction (EMEA) Ltd. completed construction in December 2007. ProjectCo has subcontracted hard facilities maintenance (FM) and major maintenance (lifecycle) obligations to Engie Buildings Ltd. (Equans), under a fixed-price contract. Equans retains lifecycle risk on the estate.
Sustainable Communities for Leeds (Finance) PLC	Public Housing	United Kingdom	AA/A-	U.K.-based special-purpose vehicle Sustainable Communities for Leeds (Finance) PLC (the issuer) 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.
Uliving@Essex Issuerco PLC	Student Housing	United Kingdom	AA/BBB+	Uliving@Essex Issuerco issued £98.2 million of senior secured debt due August 2058 and on-lent the proceeds to Uliving@Essex Ltd to refinance 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 (UoE). Construction was completed in 2013 and FM services and major maintenance are now being delivered by Derwent Housing Association. The project is backed by a 50-year agreement with the UoE terminating in 2063. The UoE owns the land on which the assets are located and leases it to Uliving@Essex under a headlease until July 2063, with an option to extend the lease for a further 75 years. ProjectCo leases the accommodation blocks back to the university under a mirror-dated underlease, in return for a fixed inflation-linked lease fee based on the student occupancy rate in the facilities.
Uliving@Essex2 Issuerco PLC	Student Housing	United Kingdom	AA/BBB-	In May 2017, Uliving@Essex2 Issuerco PLC issued £60.6 million of rated senior secured bonds and on-lent the proceeds to Uliving@Essex2 Ltd. to finance the design, construction, and operation of a new 643-bedroom student accommodation facility for the University of Essex (UoE). The project comprises two seven-story buildings on the UoE's campus, approximately five kilometers from the center of Colchester, and adjacent to the UoE's other accommodation facilities. 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. ProjectCo passes FM risk to Derwent HA but retains lifecycle risk.
Uliving@Essex3 LLP	Student Housing	United Kingdom	AA/BBB	Uliving@Essex3 LLP issued £113 of senior secured bonds due 2066 to fund the design, construction and operation of 1,262 room student accomodation across five separate blocks on the University of Essex (UoE)'s main campus outside Colchester. The project operates under a 50-year project agreement with the UoE that will allow the university to reserve rooms each academic year. The project is adjacent to the previous Uliving@Essex and Uliving@Essex2 inside the university campus. Construction is expected to be completed in 2023 under an EPC contract with Bouygues UK Ltd. ProjectCo will subcontract hard and soft facilities management (FM) services to Bouygues E&S Solutions Ltd. under a fixed-price, index-linked contract. ProjectCo will retain major maintenance (lifecycle) risk. The UoE will market and allocate the rooms on behalf of the project on an equal basis with its own on-campus accommodation. If rooms are reserved, the UoE will assume credit and void risk and retain 3% of the rental income in exchange.
Walsall Hospital Co. PLC (The)	Hospital	United Kingdom	AA/BBB	The Walsall Hospital Co. PLC issued £160.35 of senior secured bonds in 2007 to finance the design, construction, and operation of a new 500-bed hospital at the Walsall Manor Hospital in Walsall, U.K. (the new estate). Following completion of construction in 2011, the project has operated the new and existing parts of the facility under a 33-year availability-based private finance initiative (PFI) agreemeent with the Walsall Healthcare NHS Trust that expires in 2041. ProjectCo provides hard facility management (FM) services for both the new and retained estate at the hospital, for which it subcontracts to Skanska Facilities Services Ltd (SFS) under a long-term agreement. Soft FM is provided by the Trust. ProjectCo is responsible for lifecycle costs on the new estate.
Yankee Stadium LLC	Stadium	USA	AA	Yankee Stadium is home to the New York Yankees and is located in the Bronx, New York City. The New York City Industrial Development Agency (NYCIDA) owns Yankee Stadium and leases it to Yankee Stadium LLC (StadCo) for an initial term of 43 years that began Aug. 22, 2006. The project was funded with payment in lieu of tax (PILOT) bonds and rental bonds issued by the NYCIDA, and was opened in April 2009. The project receives revenue from seaon ticket and suite licence revenue.
Plenary Health Niagara L.P.	Hospital	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.
ABC Schools Partnership	Schools	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, who is owned by GDI Intergrated Facility Services.
Alpha Schools (Highland) Project PLC	Schools	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 (the Council) in Scotland. After construction was completed in September 2009, the Project has been responsible for the provision of maintenance and certain noneducational support services to the 11 schools involved in the project under a 31–year project agreement that ends in 2037.
Integrated Team Solutions SJHC Partnership	Hospital	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.
Plenary Health Bridgepoint L.P.	Hospital	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 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 Finance Co. Pty Ltd.	Hospital	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 (PPP) 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 undertaking ongoing maintenance, and receives payment from the state based on the availability of services.
Plenary Health Hamilton L.P.	Hospital	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 (FM) and lifecycle responsibilities to Honeywell Ltd. for 30 years under a fixed price FM service agreement (FMSA).
Plenary Properties LTAP LP	Govt Building	Canada	A	Plenary Properties LTAP L.P. (the project) is an availability based, social infrastructure project, located in Ottawa, Ontario. It was formed to design, build, finance, and maintain, and provide IT infrastructure and services to the Long-term Accommodation Project (LTAP) for Communications Security Establishment Canada (CSEC), the country's cryptology agency. The project commenced operations in July 2014. It passes down all operations and maintenance (O&M) and lifecycle risk and responsibilities relating to facilities management to Honeywell Limited Inc. (parent company guarantor, Honeywell International Inc.). Risks and responsibilities relating to IT infrastructure and services are passed down to ESIT Canada Enterprises Services Company (parent company guarantor, DXC Technology Company).
CHS (CAMH) Partnership	Hospital	Canada	A-	CHS (CAMH) Partnership consists of three mental health and addiction care facilities located in Toronto with a combined area of about 540,000 square feet that have operated since 2012. Carillion Services (CAMH) Inc. (Carillion) was the hard facilities management (FM) and lifecycle services provider for the partnership. CHS has been in discussions to replace Carillion since the company's parent, Carillion PLC, filed for liquidation in January 2018.
CSS (FSCC) Partnership	Govt Building	Canada	A-	CSS (FSCC) Partnership maintains the Forensic Services and Coroner's Complex (FSCC) project in Toronto under a 30-year concession agreement with Infrastructure Ontario (IO). It is a five-story three hundred thousand 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 subsequently began its 30-year concession period. The project achieved substantial completion for renovation work on the second and fifth floors (to accommodate two other government departments) in January 2015. Facilities management and lifecycle services are provided by Dexterra, a subsidiary of Fairfax Financial Holdings Ltd. Dexterra became the project's FM 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.
Green Timbers L.P.	Govt Building	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.
Integrated Team Solutions PCH Partnership	Hospital	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 greenfield site adjacent to one of PCH's facilities in Kingston, Ontario. The project had a 3-year construction phase through late 2016, followed by a 30-year availability-based operating phase. ITS PCH entered back-to-back contracts with EllisDon Design Build Inc. for construction and Johnson Controls Canada L.P. for services during operations.
Plenary Health Care Partnerships Humber L.P.	Hospital	Canada	A-	Humber River Regional Hospital has mandated Plenary Health Care Partnerships Humber L.P. (ProjectCo) to design, build, finance, and maintain a new acute care hospital in Toronto. Construction of the project was performed by PCL Constructors Canada under a fixed price contract, and ran from September 2011 to substantial completion on May 11, 2015, as planned. The hospital was built on approximately 27 acres in northwestern Toronto and replaced the inpatient and acute care activity of three existing sites. The hospital is 1.7 million square feet and contains 656 beds. It encompasses a 14-story tower, a central utility plant, and two parking structures that house approximately 2,000 spaces. ProjectCo receives availability-based revenues during the 30-year operations period, and has subcontracted operations and management to Johnson Controls.
Ravenhall Finance Co Pty Ltd.	Prison	Australia	A-	GEO Ravenhall Pty Ltd. (ProjectCo) is a public-private partnership (PPP) under the Victorian government's Partnership Victoria framework. Ravenhall is an operational, availability-based medium-security men's prison located at Ravenhall, in Melbourne's west. 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.
RMPA Services PLC	Military Barracks	United Kingdom	A-	RMPA Services PLC issued £580 million 5.337% bonds due Sept. 30, 2038 to finance the construction and operation of Colchester Garrison in southeast England (about 75km northeast of London). The project operates under a 35-year private finance initiative (PFI) agreement with the U.K. Ministry of Defence through 2039. Construction was completed ahead of schedule in 2008 and the garrison has been accommodating approximately 3,500 military personnel since then. ProjectCo is responsible for hard and soft facilities management (FM) services and it has subcontracted these services to Sodexo Ltd. ProjectCo is also responsible for major maintenance (lifecycle) of the facilities and retains the risk in the event that actual amounts spent exceed the budgeted figures.
SNC-Lavalin Innisfree McGill Finance Inc.	Hospital	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.
THP Partnership	Hospital	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 (sq. m.) CMX provides medical, surgical, intensive care, maternity and newborn, and some mental health and addictions services. The 95-bed, 28,000 sq. m. 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.
Hospital Infrastructure Partners (NOH) Partnership	Hospital	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 hospital accommodates 457 beds and it consists of a 10-story tower flanked by two five-story wings and a six-story parking garage. It includes ambulatory care services, inpatient units, and clinical, diagnostic, and therapeutic services. The entire facility is approximately 1.8 million square feet. The design-build joint venture (DBJV) was EllisDon Corp. 70% and Carillion Construction Inc. 30%. During the 30 year operational period, the project receives availability based revenues from concession provider Halton Healthcare Service Corp, and the project has subcontracted operations and management to Carillion EllisDon Services, 100% owned by EllisDon Corp.
Plenary Properties NDC GP	Govt Building	Canada	BBB+	Plenary Properties NDC GP is a special-purpose vehicle (SPV) 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's rating is tied to the credit quality of its service provider, JCI. As a result, our forecast assumes that the service provider will absorb all performance deductions and unforeseen maintenance requirements. Therefore, the rating on the guarantor constrains the rating on the project.
Services Support (Manchester) Ltd.	Police Stations	United Kingdom	BBB+	Since 2005, Services Support (Manchester) Ltd. (SSML) has operated 16 police stations for the office of Police and Crime Commissioners (PCC) under a 25-year concession agreement that runs until 2030. SSML subcontracts hard and soft facilities management (FM) services to Bouygues Energies & Services (BYES). BYES replaced Carillion Integrated Services as the service provider in April 2018 following Carillion's compulsory liquidation in January 2018. SSML retains the lifecycle risk.
ULivingAtHertfordshire	Student Housing	United Kingdom	BBB+	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	Student Housing	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. Each projectCo entered into a project agreement with its respective university, under which it receives an annual fee, the level of which depends on the number of available rooms reserved for the academic year. The notes will be repaid from rental income.
Ancora (RCH) Pty Ltd. / Ancora (RCH2) Pty Ltd.	Hospital	Australia	BBB/BB	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. 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 (FM) 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.
Discovery Education plc	Schools	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.
Queens Ballpark Co. LLC	Stadium	USA	BBB-/AA	The Queens Ballpark project is a 42,000-seat, open-air baseball stadium named Citi Field. It is home to Major League Baseball's New York Mets. The project used 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 (NYCIDA) owns the ballpark and leases it under a long-term lease to Queens Ballpark. The initial lease term is equal to the debt maturity. The project is a wholly owned subsidiary of Sterling Mets L.P., which owns the Mets. Queens Ballpark has a sub-lease with the Mets that requires the Mets to play all home games in the stadium. The project receives 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.
Transform Schools (North Lanarkshire) Funding PLC	Schools	United Kingdom	AA	Transform Schools (North Lanarkshire) Funding PLC is a special-purpose entity that on-lent the bond and loan proceeds to Transform Schools (North Lanarkshire) Ltd. (TSNL) to finance design, construction, and provision of services within 24 school facilities across 17 sites in North Lanarkshire, Scotland. Balfour Beatty (BB) completed construction in 2008. TSNL operates under a 32-year availability-based private finance initiative concession with North Lanarkshire Council, which expires on March 31, 2037. TSNL provides hard and limited soft facilities maintenance of the assets, which it subcontracts to Equans. The project benefits from unconditional and irrevocable guarantees from monoline insurers Assured Guaranty UK Ltd. and Assured Guaranty Municipal Corp. on the senior debt.
Abilene Convention Center Hotel Development Corp.	Hotel	USA	BBB-	The project includes construction and operation of a 200 room Hilton Doubletree hotel in Abilene, Texas. The city of Abilene has funded an adjacent convention center that will be connected to the hotel along with parking and other supporting facilities (known as the "city facilities") while project debt funds the hotel. However, there is one construction contractor for the entire site (under two separate contracts), and the project will operate both the hotel and city facilities and will receive all revenues from the combined site. Construction is expected to extend from 2021 to early 2023, and the project has a lease to operate the site until 2050.
Baytown Convention Center Hotel	Hotel	USA	BBB-	The project will construct and operate a 208-room Hyatt Regency hotel in Baytown, Texas. The city is constructing an adjacent convention center including 33.6 thousand square feet of meeting space, surface parking and supporting infrastructure. The city owns the land under the hotel and has leased the land to the project for 40 years or repayment of bonds. Project debt was issued in 2021. Construction is expected to be completed in early 2023 and debt matures in 2050.
Burrell College of Osteopathic Medicine LLC	Schools	USA	BBB-	BCOM is a graduate medical school located in Las Cruces, New Mexico. The project's scope is to operate an 80,000 square foot educational building located on the New Mexico State University (NMSU) campus for the purpose of training students in the field of osteopathic medicine. The project started operations and accepted its first class in 2016 and has seen enrollment levels at 100%. The project 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.
BY Chelmer PLC	Hospital	United Kingdom	BBB-	BY Chelmer PLC issued debt to finance the design, construction, and maintenance of new facilities for Broomfield Hospital, in Chelmsford, Essex, for the Mid and South 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. Post construction completion in 2010, the project is now responsible for hard facilities management (FM) and lifecycle services during the operating period.
Community Finance Corp.	Hotel	USA	BBB-	The project issued debt in 2022 to acquire the 1003 room Grand Hyatt San Antonio Riverwalk hotel from Hyatt corporation. The hotel opened in 2008 and will continue to be operated by Hyatt under the Hyatt brand.
Conroe Local Government Corp.	Hotel	USA	BBB-	The project issued debt in 2021 to fund construction of a 250-room hotel and convention center with meeting facilities located just south of downtown Conroe, a city approximately 40 miles north of Houston, TX. The project will be adjacent to the city of Conroe. The Conroe-funded convention center and the city will also provide parking and other supporting public facilities to the combined site. The project will operate both the hotel and convention facilities and be responsible for all revenues and expenses at the combined site. Construction is expected to be completed in early 2023 and project debt matures in 2050.
Consort Healthcare (Mid Yorkshire) Funding plc	Hospital	United Kingdom	BBB-	In January 2008, Consort Healthcare (Mid Yorkshire) Funding PLC issued £222 million of index-linked bonds (including £43 million of variation bonds), due June 2041, and borrowed a £150 million index-linked bank loan from the European Investment Bank, due June 2040. The issuer on-lent the proceeds to Consort Healthcare (Mid Yorkshire) Ltd (ProjectCo) to finance the design and construction of two U.K. National Health Service (NHS) health care facilities: Pinderfields General Hospital and Pontefract General Infirmary. ProjectCo operates the facilities under a 35-year private finance initiative (PFI) concession agreement with Mid Yorkshire Hospitals NHS trust, which expires in 2042. Construction was completed on schedule in October 2011. ProjectCo provides maintenance, lifecycle, and certain nonclinical services for the term of the concession, which it subcontracts to Engie Services Holding UK Limited. We understand that starting from July 1, 2020, the FM services provided by ProjectCo are limited to hard FM as the trust took over provision of market tested services.
Consort Healthcare (Salford) PLC	Hospital	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 (the Trust) under a 35-year project agreement, using the U.K. government's private finance initiative (PFI) program.
Denver Convention Center Hotel Authority	Hotel	USA	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, Colorado. 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.
George L. Smith II Georgia World Congress Center Authority	Hotel	USA	BBB-	The project is constructing and operating a 975-room hotel in downtown Atlanta adjacent to the Georgia World Congress Convention Center and Mercedes-Benz Stadium. The convention center opened in 1976 was expanded in 2020 to be the fourth largest in the U.S. The new hotel is scheduled to open at the start of 2024, and projet debt matures in 2054.
Greater Columbus Convention Center Hotel Expansion Project	Hotel	USA	BBB-	The existing Hilton Columbus Downtown hotel opened in 2012, features 532 rooms, a restaurant and a lounge, 77,321 sq. ft. of meeting space, a pool, fitness center, business center and market pantry. The project has 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 a total of 1,000 room capacity, 54,000 sq. ft. 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.
Idaho College of Osteopathic Medicine LLC	Schools	USA	BBB-	ICOM is a graduate medical school in Meridian, Idaho. The project's scope is to operate a newly constructed 94,000 sq. ft. educational building located on the Idaho State University–Meridian Health Science Center campus. ICOM also has an affiliation agreement with Idaho State University (ISU) 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.
Austin Convention Enterprises Inc.	Hotel	USA	BB+	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 to that of other rated hotels, supported by improving local economic conditions and positive pricing power in its market.
Catalyst Healthcare (Manchester) Financing PLC	Hospital	United Kingdom	BB+	Catalyst Healthcare (Manchester) Financing PLC is a U.K.-based special-purpose vehicle. It issued debt and on-lent the proceeds to the project company, Catalyst Healthcare (Manchester) Ltd. (ProjectCo). ProjectCo used the debt proceeds to finance the design, construction, and refurbishment of facilities for U.K.-based Central Manchester University Hospitals NHS Foundation Trust (the Trust), under a 38-year private-finance initiative (PFI) project agreement signed in 2004. Construction was completed in April 2011, and the project has since been fully operational, with ProjectCo providing facilities management (FM) and certain nonclinical services.
Consort Healthcare (Birmingham) Funding PLC	Hospital	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.
Healthcare Support (Newcastle) Finance PLC	Hospital	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 PFI contract. The project rationalizes the Trust's sites in Newcastle and provides better facilities for patients in its catchment area.
Peterborough (Progress Health) PLC	Hospital	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.
Provident Group Falcon Properties LLC	Hotel	USA	BB	The project will design, construct, and operate a new 375-room conference center hotel at the north entrance to the United States air force academy just north of Colorado Springs, Colorado. Construction is expected to be complete in mid-2024, and project debt matures in 2057.
Baltimore Hotel Corp.	Hotel	USA	B	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 Aug. 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.
Consort Healthcare (Tameside) PLC	Hospital	United Kingdom	CCC	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 (PFI) program.
Transportation
Autovia de la Mancha, S.A.	Road	Spain	AA/BBB-	Spain-based AuMancha issued a €110 million loan due July 2031 to finance the design, construction, and operation of a 52-kilometer shadow toll road linking the cities of Toledo and Consuegra, south of Madrid in Spain. AuMancha operates under a 30-year concession until April 2033 with the granting authority, CLM, the sole revenue provider to the project. Accordingly, under our criteria, we consider CLM to be an irreplaceable counterparty. Construction was completed in July 2005 and the project has been operating smoothly since then.
Bridging Pennsylvania Developer I LLC	Bridge	USA	AA	Concession to upgrade and maintain 572 Bridges in Pennsylvania.
Channel Link Enterprises Finance PLC	Rail	United Kingdom	AA/BBB	In 2007, Channel Link Enterprises Finance PLC issued a combination of £1.8 billion and €2.2 billion of notes due December 2050 as part of the financial restructuring and debt refinancing of Getlink (previously known as Groupe Eurotunnel SA). Getlink is the ultimate parent of France Manche SA and Channel Tunnel Group Ltd. The two concessionaires operate the Channel Tunnel between the U.K. and France, under a concession agreement granted in 1986 by the two governments and expiring in 2086. CLEF on-lent the proceeds of the issuances to the two concessionaires under a facility agreement and therefore relies on the concessionaires' payments to service its interest and principal repayment. The concessionaires' payment obligations are secured primarily by their property, undertakings, and assets. Under the concession, France Manche SA and Channel Tunnel Group Ltd have the right and obligation, jointly and severally, to design, finance, and construct the Channel Tunnel and operate it until 2086 at their own risk, without any government funds or state guarantees. We consider the concessionaires’ and the issuer’s ability to service their debt as exposed to market risk and particularly to fluctuations in traffic. The Channel Tunnel is 50 kilometers long and comprises two single-track rail tunnels, plus a third service tunnel for maintenance and evacuation. It has been in operation since opening to traffic in 1994. Traffic includes shuttle services for trucks, cars, and coaches, and rail services for passengers and freight.
DirectRoute (Limerick) Finance DAC	Road	Ireland	AA/BB-	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.
Highway Management (City) Finance PLC	Road	United Kingdom	AA/BBB	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.
JFK International Air Terminal LLC	Airport	USA	AA	JFK IAT has a concession to design, construct and operate Terminal 4 (the international air terminal) of JFK Airport through 2043. The project is a multilevel passenger terminal building including two airside-facing linear concourses (36 gates) and a landside-facing main terminal, and is the largest terminal in the airport. Revenues are volume based and include both aeronautical and nonaeronautical sources. Two thirds of revenues are from international volumes. While over 30 airlines use this terminal, Delta, KLM, Virgin Atlantic and Aeromexico provide a majority of revenues under a long-term contract.
LAX Integrated Express Solutions, LLC	Light Railway Transit	USA	AA	Concession to build and operate people mover between LAX airport terminals, car parking, and train station.
M6 Duna Autopalya Koncesszios Zartkoruen Mukodo Reszvenytarsasag	Road	Hungary	AA	The project was granted a concession from the Republic of Hungary to finance, design, construct, operate, and maintain a 58 km 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.
Oakland Corridor Partners LLC	Road	USA	AA	Oakland Corridor Partners (OCP) was awarded a concession to Design, Build, Finance, and Maintain (DBFM) the final segment of the I-75 Modernization Project (Segment 3) in Southeast Michigan in 2018.
Sociedad Concesionaria Vial Montes de María S.A.S.	Road	Colombia	AA	The project has a concession to design, construct, rehabilitate, operate and maintain the Puerta de Hierro-Palmar de Varela toll road in Colombia. The project includes 197km of existing roadway and 5km of new construction and the concession runs to 2045.
Verdun Participation 2 S.A.	Road	France	AA/BBB-	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 343.0 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.
407 International Inc.	Road	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 numbers. The highway has been fully operational since 2001. It runs 108km across the Greater Toronto Area (GTA), 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.
Aberdeen Roads (Finance) PLC	Road	United Kingdom	A	Aberdeen Roads (Finance) issued £544 million of debt to finance a project to design, build and operate the Aberdeen Western Peripheral Route (AWPR) (Balmedie to Tipperty) in northern Scotland. The AWPR provides a north to south bypass of the city, and comprises 55km of new dual carriageway and a small new section added ot the existing A90 north of Aberdeen. The road opened to traffic in February 2019. ProjectCo operates under an availability-based project agreement with Aberdeen City Council, acting as agent for the Scottish Ministers (the contracting authority). The concession runs for 33 years through 2047. ProjectCo has subcontracted routine operations and maintenance obligations to Balfour Beatty Civil Engineering Ltd.
Kiewit Meridiam Partners LLC	Road	USA	A	KMP won the PPP concession to redesign, construct, operate, and maintain the Central 70 project, a 10 mile section of I-70 running through central Denver, Colorado. The concession was granted by two subsidiaries of the Colorado Dept 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.
Scot Roads Partnership Finance Ltd.	Road	United Kingdom	A	Scot Roads Partnership Finance Ltd. (the issuer) raised debt through a bond issuance and a European Investment Bank loan and on-lent 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, Scottish Ministers, which runs for approximately 33 years, expiring in 2047.
Sociedad Concesionaria Autopista Central S.A.	Road	Chile	A	Autopista Central's concession consists of two major urban roads crossing Santiago from north to south, one of which is the continuation of Route 5--the Pan-American Highway--which runs through Chile and passes close to Santiago's center. The other road is the Avenida General Velásquez, which provides complementary capacity parallel to Route 5 further to the west. In total, Autopista Central provides about 60 kilometers (km) of high-speed urban motorways (40 km for Route 5 and 20 km for General Velásquez) that include more than 25 conjunctions with other toll roads, eight bridges, about 40 pedestrian bridges, 93 under- and overpasses, and about 20 toll gantries that use the free-flow electronic toll collection system. Revenues for the project are volume-based. In 2016, Abertis Infraestructuras S.A. acquired 100% of Autopista Central's shares, which were previously owned by Alberta Investment Management Corp.
Sociedad Concesionaria Autovia de la Plata S.A.	Road	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.	Road	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 43.9 kilometers.
407 East Development Group G.P.	Road	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 20.3km 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 five-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.
Arctic Infrastructure L.P.	Airport	Canada	A-	The Government of Nunavut, Canada (GN) 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 constructed an air terminal building (ATB); a new combined services building (CSB); runway, taxiway and apron improvements and rehabilitation; and improvements to the airport electrical and runway lighting systems, with construction complete in 2017. The 30-year operating period started at that point and the project receives availability payments from the government of Nunavut. ProjectCo has passed-down the facilities' O&M and lifecycle during operations to a subsidiary of Winnipeg Airports Authority Inc.
Capital City Link G.P.	Road	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 km 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.
Chinook Roads Partnership	Road	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 (O&M) services to Chinook Highway Operations, Inc. (CHOI), which has further sub-contracted them to Mainroad Chinook Contracting, L.P. (Mainroad).
Connect Plus (M25) Issuer plc	Road	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 (PFI) concession that was awarded in 2009 and expires in September 2039.
GrandLinq GP	Light Railway Transit	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 built a 19-kilometer section of light rail connecting Conestoga Mall in Waterloo to Fairview Park Mall in Kitchener with 19 stops over the period from August 2014 to substantial completion in June 2019. The project also includes an operations, maintenance, and storage facility (OMSF). The concession provider and vehicle provider is the Region of Waterloo. Late vehicle delivery delayed construction completion but this risk was borne by the Region and not the project. Construction was performed by a consortium of Peter Kiewit Infrastructure Corp and Aecon Construction, while operations and maintenance is to be subcontracted to Keolis. Operations will last for 30 years and operational revenues are availability based.
Plenary Infrastructure ERMF GP	Rail Maintenance	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 runs 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.
Aerostar Airport Holdings LLC	Airport	USA	BBB+	Aerostar operates the Luis Munoz Marin international airport in San Juan, Puerto Rico under a PPP concession with the government of Puerto Rico that runs for 40 years beginning in 2013. The airport is the main gateway to the island of Puerto Rico and has historically served 7 million-10 million passengers per year.
Connect 6ix General Partnership	Light Railway Transit	Canada	BBB+	Connect 6ix will design, construct, finance and operate a portion of the Ontario Line subway in Greater Toronto. The line is 16 km long with 15 stations. This project is responsible for the Rolling Stock, Systems, Operations and Maintenance. There are two separate procurement contracts for construction of tunnels, stations, and civil works on the line.
High Speed Rail Finance 1 PLC & High Speed Rail Finance Plc	Rail	United Kingdom	BBB+	High Speed Rail Finance 1 PLC (HSRF1) is a U.K.-based special-purpose entity that issued bonds to partially refinance existing acquisition debt facilities of its sister company, High Speed 1 Ltd (HS1). The original facilities were used to fund the acquisition of HS1 by Borealis Infrastructure and Ontario Teachers' Pension Plan (OTPP) from the U.K. government in November 2010. HS1 operates the high-speed rail line connecting St. Pancras International station in London with the Channel Tunnel under a concession with the U.K. Secretary of State, which terminates in 2040. Under the concession HS1 is responsible for the operations, maintenance, and renewal of the track and associated infrastructure, along with the four railway stations served by the route. The rail line currently serves domestic and international high-speed traffic, plus a small quantity of freight traffic.
Newcastle Coal Infrastructure Group Pty Ltd.	Coal Port	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 (mtpa). It is fully contracted under 10-year, evergreen ship-or-pay contracts. NCIG commenced operations in 2010 under a lease from Port of Newcastle, which expires in 2043 and NCIG holds a 10-year extension option. NCIG is 100% mutually owned by most of its shippers.
Nouvelle Autoroute 30 S.E.N.C.	Road	Canada	BBB+	Nouvelle Autoroute 30, S.E.N.C. (A30 Express) operates and maintains 42 kilometers of new 4-lane highway (including the 2.0-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	Road	USA	BBB+	NYNJ Link Borrower LLC and NYNJ Link Developer LLC (Developer) 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 (PANYNJ) to design, build, finance, maintain, and operate the replacement Goethals Bridge for a term of about 40 years (including a five-year construction period 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.
Transportation Infrastructure Properties LLC	Air Cargo Facility	USA	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.
Via Pribina a.s.	Road	Slovak Republic	BBB+	Via Pribina a.s. (formerly GRANVIA a.s.) 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 (PPP) in the country. The financing documents are governed by English law and the concession agreement is based on U.K. private finance initiative (PFI) projects. ProjectCo is owned jointly by Meridiam Infrastructure Slovakia s.a.r.l. (50%) and VINCI Concessions Slovakia s.r.o. (50%). ProjectCo entered into a 30-year concession agreement with The Ministry of Transport, Construction And Regional Development (The Authority) in March 2009. Under the concession, ProjectCo receives an availability-based revenue stream (AvP), along with a small amount of safety-related payments (SRP) and commercial revenues from service areas along the route.
Westconnex Finance Company Pty Ltd.	Road	Australia	BBB+	WestConnex (WCX) is a tolled Sydney metropolitan motorway comprising six roads under three separate concessions that are physically joined to form a network. These include the new M4, M5 East, M8, M4-M5 Link, Rozelle Interchange and the M5 South West. The M5 South West tollroad (an adjacent concession) will be included into WCX when the existing concession expires in 2026. All concessions expire in 2060.
95 Express Lanes LLC	Road	USA	BBB	The project is a public-private partnership between the Transurban Group and the Virginia Dept. of Transportation (VDOT) to operate and maintain about 39 miles of reversible managed lanes on I-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 is currently extending the I-95 express lanes an additional 10 miles south (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.
Aeropuerto Internacional de Tocumen S.A.	Airport	Panama	BBB	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 is near Panama City and is a regional hub for Copa Airlines (not rated). The project constructed a second terminal that increased the airport's capacity to more than 20 million passengers per year. Odebrecht Engenharia e Construcao S.A. started construction in mid-2013 under an engineering, procurement, and construction (EPC) contract, and construction was completed in 2021. Revenues are volume based.
AFCO Airport Real Estate Group LLC	Air Cargo Facility	USA	BBB	Aviation Facilities Company 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.
Autopistas Metropolitanas de Puerto Rico LLC	Road	USA	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 7 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 revenues are entirely volume based, and passenger cars are 96% of traffic.
Concesionaria Mexiquense S.A. de C.V.	Road	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, known as CEM to Conmex. Toll road operations began April 2011 and the concession contract expires in February 2063. Conmex uses tolls collected at CEM to repay its senior debt. The remaining funds are used to service OPI's debt.
Dalrymple Bay Finance Pty Ltd.	Coal Port	Australia	BBB	Located near Mackay, in Queensland, Australia, Dalrymple Bay Coal Terminal (DBCT) is currently the third-largest bulk-export coal terminal in the world, handling about 15% 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 DBCT Pty Ltd., the operating company which is owned by the majority of the mining companies using the terminal. The project was previously named DBCT Finance Pty Ltd.
Elizabeth River Crossings Opco LLC	Tunnel	USA	BBB	The project is a PPP to build, operate, and maintain the Elizabeth River Tunnels Project as part of a 58-year CA with the Virginia Department of Transportation (VDOT). 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	Road	Panama	BBB	ENA Master Trust was newly 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.
Fideicomiso 1784 (Autopista Rio Verde y Libramiento La Piedad)	Road	Mexico	mxAAA/mxAA	The project holds the concession to operate the Rio Verde Road (availability payments + traffic risk) and La Piedad Bypass (traffic risk), with a concession maturity in 2027 and 2054, respectively. The Río Verde Highway has an extension of 113 kilometers that goes from Río Verde to Ciudad Valles, in the State of San Luis Potosí (not qualified), thus connecting the center of the country with the Gulf of Mexico and the ports of Tampico and Altamira and regarding the Libramiento La Piedad, it has an extension of 21.3 kilometers that crosses the States of Guanajuato, Michoacán and Jalisco. The bypass connects the highways of Irapuato-La Piedad and México-Guadalajara. Fideicomiso 1784 receives cash flows from the availability payments from the SICT to service the debt of the series A1 and the remnants come from the traffic volume intented to service series A2 issuance.
Fideicomiso 209635 Libramiento de Matehuala	Road	Mexico	BBB/mxAAA	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.
Fideicomiso Autopista Monterrey-Cadereyta No. 3378	Road	Mexico	mxAAA	The Monterrey-Cadereyta Toll Road (AMC) began operations in September 1988 and, since then, the Red Estatal de Autopistas (REA) has operated the highway. The concession title ends in 2054, which is higher than the maturity of the notes in 2038 and 2048. The project has an extension of 30 kilometers and connects the cities of Monterrey and Cadereyta, in the state of Nuevo León, Mexico. The AMC is part of an important corridor that crosses Nuevo León from west to east, and also connects the City of Saltillo, in the State of Coahuila, with the City of Reynosa, in the State of Tamaulipas. In addition, it is near to the border with the United States.
Fideicomiso No. 80698 (Periferico del Area Metropolitana de Monterrey)	Road	Mexico	mxAAA	The Periferico del Area Metropolitana de Monterrey (PAMM) is a 69.5km toll road 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.
ITR Concession Co. LLC	Road	USA	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.
Mexico City Airport Trust	Airport	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 was cancelled by the Mexican president in 2018.
Millennium Parking Garages LLC	Parking	USA	BBB	Millennium Parking Garages LLC operates and collects revenues for the largest underground downtown parking system in the U.S., which is in Chicago. The 99-year concession and lease agreement 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.	Light Railway Transit	Canada	BBB+	Mobilinx is responsible for design, build, and operation of the 18-km Hurontario light rail transit (LRT) project in Mississauga and Brampton, Ontario. Construction is being performed by a consortium including Salini-Impregilo, Hitachi Rail, Astaldi, Amico, and BOT infrastructure, with vehicles supplied by Alstom, the LRV manufacturer appointed by the concession provider. It is expected to be complete in 2025. During the subsequent 30-year operating period the project will responsible for operations and maintenance of the system and vehicles.
Northwestconnect G.P.	Road	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 4-6 lane divided freeway, and included five further grade separations and flyovers of intersecting local roads and railways. Construction also included a total of 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.
Plenary Walsh Keystone Partners LLC	Bridge	USA	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.
Red de Carreteras de Occidente, S.A.B. de C.V.	Road	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. Moreover, RCO holds concessions to operate two federal toll-free roads (COVIQSA and CONIPSA), for which RCO receives availability and shadow payments from the federal government. Finally, RCO operates two other toll roads (COTESA and AUTOVIM) in the states of Nayarit and Michoacán, respectively. In our analysis, we rely only on FARAC I's cash flows to forecast our debt service coverage ratios (DSCRs). This is because the rest of the assets have issued additional debt and could do so again; therefore, dividend and capital distributions to which RCO would be entitled are unpredictable.
Adani International Container Terminal Pte. Ltd.	Port	India	BBB-	A container terminal operator based in Mundra, Gujarat, in the northwestern part of India. The project operates a terminal with four berths and a total length of 1460 meters and cargo handling capacity of 3.4 million TEUs. Sub-concession rights expire in 2031. The terminal's deepest available draft at berth is 17.5 meters. The facility is equipped with 17 super post panamax quay cranes and is capable of handling ultra large container carriers with nominal capacity of 10,000 TUE and above.
Amey Roads NI Financial PLC	Road	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 on-lent to Amey Roads NI Ltd. (ProjectCo). 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 87km of existing roads.
Autopista del Sol Concesionaria Espanola S.A.	Road	Spain	BBB-	AUSOL, a limited purpose entity, issued a €467 million fixed-rate senior secured bond and €40 million senior secured notes, both due Dec. 30, 2045. AUSOL used the proceeds to refinance the debt incurred in the construction, operation, and maintenance of a 96-km section of the tolled motorway between Málaga and Guadiaro in southern Spain. Part of the toll road has been operational since 1999 (the 75km AUSOL I section), and part since 2002 (the 21km section known as AUSOL II). AUSOL services its debt via the toll it charges road users.
Bridging North America G.P.	Bridge	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 2.5km six-lane cable-stay bridge (once complete, the largest in North America by main span of 853m), 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.
Fideicomiso No. 2227 (Periferico del Area Metropolitana de Monterrey)	Road	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.
Fideicomiso 464 (Plan del Rio)	Road	Mexico	mxBBB	The Rio Plan Libramiento is a 12.97 km 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 toll road by the State of Veracruz, until 2063. The public rating is on subordinated project debt.
Fideicomiso CIB/2076 (Autopista Rio Verde y Libramiento La Piedad)	Road	Mexico	mxAA-	This is a subordinated issuance that receives remnants from the series A1 and A2 of the project Fideicomiso 1784 (Autopista Rio Verde y Libramiento La Piedad).
Organizacion de Proyectos de Infraestructura S.A.P.I. de C.V.	Road	Mexico	mxAA-	Organización de Proyectos de Infraestructura, S.A.P.I de C.V. (OPI), through its subsidiary, Concesionaria Mexiquense, S.A. de C.V., (Conmex) constructs, operates, and maintains the 155km Circuito Exterior Mexiquense toll roads and infrastructure that are in the northeast zone of Mexico City, under a concession agreement that runs through 2063. Conmex uses tolls collected at CEM to repay its senior debt. The remaining funds are used to service OPI's debt.
Terminales Portuarios Euroandinos Paita S.A	Port	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.
Concesionaria Autopista Perote-Xalapa, S.A. de C.V.	Road	Mexico	mxA	The project ("COPEXA") 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 highway Perote-Banderilla and the Bypass Libramiento de Xalapa. 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. The public rating is on the subordinated debt.
Toll Road Investors Partnership II L.P.	Toll Road	USA	BB	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.
APP Coatzacoalcos Villahermosa S.A.P.I de C.V.	Road	Mexico	mxBBB+	APP Coatzacoalcos Villahermosa, S.A.P.I. de C.V., is an entity who was awarded a 10-year public-private partnership (PPP) contract by the Transportation Ministry for the maintenance, overhaul, and financing of 134km of the Coatzacoalcos-Villahermosa section in the Federal Highway. The project is located in the sates of Veracruz and Tabasco, Mexico, and receives monthly availability payments for the O&M activities, which mature in 2027.
ENA Norte Trust	Road	Panama	BB-	ENA Norte Trust is a wholly-owned subsidiary of Empresa Nacional de Autopistas S.A. (ENA), which holds the Corredor Norte concession, and granted toll collection rights by the government. Corredor Norte is an urban toll road located in northern Panama City, which was developed in two phases. Phase I, a 13-kilometer (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.
NCIG Holdings Pty Ltd.	Coal Port	Australia	BB-	Holding Company for Newcastle Coal Infrastructure Group Pty Ltd.
North Queensland Export Terminal Pty Ltd.	Coal Port	Australia	BB-	North Queensland Export Terminal Pty Ltd (NQXT, 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 25km northwest of Bowen in the Australian State of Queensland and is Australia's northern-most coal port. The multi-user port has a design capacity of 50 million tons per annum (mtpa) that is about 70% contracted under medium- to 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.
Ostregion Investmentgesellschaft Nr. 1 S.A.	Road	Austria	B+	Austria-based special-purpose vehicle Ostregion issued €775 million of senior secured bonds and loans to design and build a 52-kilometer (km) stretch of motorway north of Vienna under a 33-year public-private partnership concession with the Austrian Roads Agency, Autobahnen-und Schnellstrassen-Finanzierungs-AG (ASFINAG) expiring in 2039. The issuer on-lent the proceeds to Bonaventura Infrastruktur Gmbh (Bonaventura or ProjectCo), the project concessionaire. Since the construction works were completed in January 2010, the latter operates and maintains the road. Operation and maintenance have been subcontracted to Bonaventura Services GmbH. The ProjectCo is compensated by ASFINAG in the form of availability and shadow tolls payments.
Transjamaican Highway Ltd.	Road	Jamaica	B+	In 2001, the Jamaican Government granted through the National Road Operating and Constructing Company (NROCC), 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 50km with four toll plazas. Different sections were opened in 2003, 2006 and 2012, and the project revenues are volume based.
CountyRoute (A130) PLC	Road	United Kingdom	B	Special-purpose vehicle CountyRoute used the proceeds of the senior and junior debt it issued in 2004 to refinance debt taken to design, build, finance, and operate the 15-kilometer A130 bypass that runs from Chelmsford to Basildon in southeast England under a 30-year concession agreement with the Essex County Council. Construction was completed in 2003. The operations and maintenance services are carried out by Ringway Infrastructure Services under a back-to-back O&M services agreement. CountyRoute's revenue is shadow toll-based, with about 55% derived from traffic volume-linked payments, and the remaining 45% from availability payments.
Rutas de Lima S.A.C	Road	Peru	B-	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 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 3 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 kms plus 19.3 km of new construction).

Related Research

Industry Report Card: A Year of Transition and Aftershocks For Project Finance, June 28, 2022
Global Credit Conditions Q3 2023: Higher For Longer Will Fuel Ratings Divergence, June 29, 2023

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Sector
Infrastructure & Utilities Utilities & Power Project Finance
Tags
Americas Latin America APAC EMEA
Topic
Navigating Geopolitical Uncertainty

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