Portfolio distribution

Below we provide a comprehensive overview of S&P Global Ratings' public social infrastructure portfolio, with insight into our four market sectors: North America (NA), Latin America (LATAM), Europe, the Middle East, and Africa (EMEA), and Asia-Pacific (APAC). All global ratings data are as of Sept. 30, 2023. We highlight that this report focuses on unenhanced ratings, and therefore for projects which have enhanced ratings provided by a monoline wrap, we use Standard & Poor's Underlying Ratings (SPUR) in our analysis. We also note that this overview includes only S&P Global Ratings' project finance transactions and not social infrastructure rated under Americas Public Finance (APF), International Public Finance (IPF), or Corporate methodologies. Please see Related Research section for further resources on these sectors.

Hospitals

Rating distribution and changes

While approximately 60% of the hospital portfolio is concentrated in EMEA, North America accounts for 30%, and APAC represents the remaining 10%. The hospital portfolio consists of 75% investment-grade issuers (24 projects), driven by availability-based payment mechanisms, relatively simple operations, and strong risk transfer. That said, the remaining 25% (eight projects) are currently non-investment grade, mainly due to retention of major maintenance lifecycle risk, higher operating risks, or unresolved issues between contractual parties.

We note that for thirteen hospital projects (12 in EMEA, one in APAC), we used Standard & Poor's Underlying Ratings (SPUR) in the analysis as opposed to insured enhanced ratings provided by a monoline wrap. For example, in EMEA, the twelve projects benefit from a full credit guarantee. Over the past year, the credit quality of hospital portfolio has weakened overall with only one upgrade and two downgrades; however, regional differences exist. We note that the North American (NA) hospital portfolio is rated higher (largely 'A' category) than other regions because of more credit-supportive risk transfer, stable operational performance, and financial performance with an average minimum DSCR of 1.26x across the NA portfolio.

Over the past year, THP Partnership was upgraded to 'A' from 'A-' given the project demonstrated stable operating performance and deductions have been significantly below past performance and are trending downward. In addition, THP and the offtaker, Vancouver Island Health Authority (VIHA), have finalized revisions to energy targets, removing uncertainty around the project's exposure to potential pain share penalties.

In EMEA, on the other hand, the portfolio is largely rated in the 'BBB' category on an unenhanced basis with an average minimum DSCR of 1.03x, and the two downgrades over the past year reflect a weakening in credit quality. For example, the SPUR on Coventry & Rugby Hospital Co. was downgraded to 'CCC+' from 'B-' and placed on negative outlook because we expect the project to be cash flow negative. This is primarily due to high remedial costs on the outstanding defects at the acute hospital with the main University Hospitals Coventry and Warwickshire National Health Service Trust (UHCWT). Additionally, the debt's controlling creditor issued a partial debt acceleration notice on 9.82% of the outstanding debt, following partial termination of the project agreement in February 2023 by the secondary Coventry and Warwickshire Partnership Trust (CWPT). Another downward revision of SPUR in EMEA stemmed from the implementation of the revised criteria: in accordance with the new methodology, we view Central Nottinghamshire Hospital's liquidity as less than adequate, leading to the removal of one notch from the rating, bringing it to 'BB-' from 'BB'.

Outlook distribution and revisions

We have stable outlooks on 72% of the hospital portfolio (23 projects) based on our expectations of typically predictable debt service coverage ratios. Two hospitals (6%) have a positive outlook and seven (22%) have a negative outlook. Some hospital projects are experiencing changes in their credit profiles, resulting in five outlook revisions: three with positive implications, and two with negative implications.

Similar to recent rating action downgrades, most negative outlooks and revisions are on projects in the EMEA region where hospitals are experiencing a weakening in credit profiles. For example, the SPUR on Coventry & Rugby Hospital Co. was downgraded and outlook remains negative to indicate that we could lower the SPUR further if the pending outcome of the Coventry and Warwickshire Partnership Trust's (CWPT) termination compensation claim results in an increased weakening of Coventry & Rugby Hospital Co.'s financial position, or if UHCWT applies higher deductions than we anticipate, depending on the outcome of settlement discussions between UHCWT and the hospital.

Some hospitals in the U.K. saw positive outlook revisions as well, such as Consort Healthcare (Mid Yorkshire) Funding, whose outlook was revised to stable from negative on the back of signing a settlement agreement with the project parties that addressed historical construction defects. The stable outlook reflects the reduced risk of adverse contractual actions by the Trust on these settled issues. It also reflects our expectation that the parties will continue to improve collaborative relationships, timely execute the scheduled lifecycle and latent defect remediation works, while maintaining a manageable level of deductions.

In North America, we revised the outlook on Hospital Infrastructure Partners (NOH) Partnership to positive from stable due to improved metrics. The positive outlook reflects our expectation that we could raise the rating by one notch if the project continues to demonstrate stable operating performance and deductions remain in line with our downside expectation with no performance trigger breaches under the project agreement (PA).

The outlook of THP Partnership was revised to stable from positive, but this revision is due to the project's upgrade rather than weaker performance. Plenary Health Care Partnerships Humber L.P., previously placed on CreditWatch with negative implications due to ongoing disputes with the ProjectCo's offtaker, was removed from CreditWatch Negative and placed on negative outlook with no change to the rating to better capture the uncertainty of the dispute outcome.

Debt service performance

A typical quality hospital project with an operations phase business assessment (OPBA) of '2', the average for the hospital portfolio, and a minimum DSCR of 1.10x could map to an operations-phase stand-alone credit profile (SACP) of 'bbb-', per Table 8 of our general criteria published December 14, 2022. We note that this mapping is the same as under Table 5 of the prior version of our criteria, in which the lower bound for the minimum DSCR was also 1.10x. However, there are some outliers that affect the OPBA and minimum DSCR average (Table 1). Consort Healthcare (Birmingham) Funding PLC (BB/Negative), for example, has an OPBA of '4' and a minimum DSCR of 0.96x, which under the new criteria maps to a preliminary SACP of 'b'. The SACP benefits from a positive notch given its median DSCR is 1.19x, and an additional two notches given its resiliency under the downside case scenario is assessed as moderate.

Table 1

Minimum DSCRs and OPBAs--Hospitals
Rating	A	BBB	BB	CCC
Minimum DSCR range	1.15x-1.61x	0.59x-1.29x	0.96x-1.20x	N/A
Average minimum DSCR	1.24x	1.06x	1.06x	N/A
Average OPBA	1.7	2.2	3.2	3
Source: S&P Global Ratings.

Deductions

Monetary deductions withheld by the revenue counterparty provide insight into the perceived performance of the hospital projects. The chart above shows the average deductions withheld from the hospital projects over the past five years, based on their rating categories. We note that our ratings distribution is skewed toward EMEA with 19 U.K. hospitals, while North America has 10 rated hospitals, and APAC three hospitals. For most projects, deductions do not impact project cash flows as they are passed through to a creditworthy subcontractor.

For instance, Plenary Health Care Partnerships Humber L.P. has historically demonstrated higher deductions than other North American peers (4.38% of availability payments over the past five years) attributable to elevator issues, hazardous spills, and leaking issues, but these are fully passed down to its service provider Johnson Control LP (JCLP) under a fixed-price facilities management (FM) services agreement, and therefore do not affect project cash flows.

However, there are certain outliers that skew the deductions range, which typically occurs when deductions are retained by the project company. For instance, in the U.K., Consort Healthcare (Tameside) PLC has had an average deductions range of 11.1% over the past five years due to an unusually high 2021 value of 45.2%. In January 2021, the Tameside and Glossop Integrated Care NHS Foundation Trust (the Trust) began making material deductions from its service payments to Consort Healthcare (Tameside) PLC (ProjectCo) because of slow progress on remedial works to resolve long-standing fire-safety defects at the project. This marked a sudden change because until this date ProjectCo had received service payments with only minor deductions for sub-contractor performance, despite the defects remaining unremedied. In March 2022, the project was downgraded to 'CCC' and the outlook was revised to negative to reflect the sizable and deferred deductions in relation to the defects, which the project retains given deductions are related to defects on site. ProjectCo continues to be exposed to the risk of the Trust terminating the project agreement or controlling creditors accelerating the debt given the deductions and service failure points (SFPs) levied by the Trust in the past continue to breach the thresholds under the collateral deed.

Coventry & Rugby Hospital Co. Plc (SPUR CCC+/Neg) also retains some deductions, resulting in an average of 3.7% over the past five years. Following an unavailability notice to this project in October 2022 declaring the entire site unavailable because of underlying defects, UHCWT did not make significant deductions from the quarterly payments to ProjectCo until July 2023. Unless ProjectCo and UHCWT reach a timely and amicable settlement, the risk of higher deductions and ProjectCo's further financial deterioration will continue, which we reflect in the negative outlook. Higher deductions levied by the revenue counterparty, if not passed through to the subcontractors, depict a significant weakening of the project's financial profile, and hence, their DSCRs. Therefore, a lower-rated entity reflects a significantly high proportion of deductions vis-à-vis its availability payments reflecting the weakened financial position. We note that this hospital benefits from an guarantee from Assured Guaranty (AG), leadings its ICR to be rated 'AA' with a stable outlook on an enhanced basis.

Healthcare Support (Newcastle) Finance Plc (SPUR BB/Negative) stands out as another outlier in the United Kingdom, with an average deductions range of 4.35% over the past five years. A key risk for this project is that the Newcastle-Upon-Tyne Hospitals National Health Service (NHS) Foundation Trust has cited a high number of SFPs monthly, and has declared, but not applied, monetary deductions because of alleged delays to the completion of fire-related works. The project has not yet delivered all the related works and missed the Trust's claimed longstop date of February 2020. Since then, the Trust has declared deductions of about £4.5 million monthly, more than 100% of the project's unitary charges. The project, together with its building contractor Laing O'Rourke Northern Ltd. (LOR), won two adjudication processes against the Trust because no longstop date was contractually set, meaning that the Trust would not be entitled to declare these deductions, but still does as a way to pressure the project to complete the works. Still, we believe that the likelihood of these deductions being applied are low because the Trust would have to appeal the decision through the courts, which might be a lengthy process.

Excluding these outliers, deductions as a percentage of availability payments seem comparable across regions, with the U.K. having the highest figures and APAC the lowest. In the past five years, the average deduction range across rating categories (excluding outliers) is 0.53% for EMEA, 0.17% for North America, and 0.06% for APAC.

Student Housing

Rating distribution and changes

S&P Global Ratings' portfolio of student housing projects is fully concentrated in EMEA. With a median rating of 'BBB', the student housing portfolio consists of 92% investment-grade projects (11 issuers) and only one non-investment-grade credit (the remaining 8%). We note that 92% of student housing projects in our public portfolio are exposed to volume risk. However, most of them, in Europe, benefit from nomination agreements with the universities, which partially mitigate volume and price risks for the next academic period. One student housing project, Catalyst Higher Education Sheffield, is a mix of both availability and volume-risk, as it benefits from a contractual mechanism with its university that guarantees a certain level of occupancy. For 10 student housing projects, we used Standard & Poor's Underlying Ratings (SPUR) in the analysis as opposed to insured enhanced ratings to capture the projects' underlying credit fundamentals in isolation from their AG guarantee.

The past year indicates a weakening trend, with three downgrades in the student housing portfolio. The inability to pass on rents in a timely way, persistently high inflation, and high energy prices will slow the pace at which Uliving@Essex Issuerco PLC, Uliving@Essex2 Issuerco PLC, and Uliving@Essex3 LLP can recover cash flows; therefore their forecast financial metrics have deteriorated further than we previously expected. As a result, we lowered the SPUR on Uliving@Essex Issuerco PLC to 'BBB+' from 'A' and the SPUR on Uliving@Essex2 Issuerco PLC to 'BBB-' from 'BBB'. On the other hand, we affirmed the SPUR on Uliving@Essex3 LLP at 'BBB'.

In addition, we downgraded Holyrood Student Accommodation PLC to 'BBB-' from 'BBB' on the back of weaker credit metrics brought upon by rising inflation and a limited ability to increase rents to offset its impact.

Outlook distribution and revisions

We have stable outlooks on 58% of the student housing portfolio (7 projects), while two student housing projects have a positive outlook (17%) and three have a negative outlook (25%). Over the past year, student housing projects have undergone changes with nine outlook revisions. We revised the outlook on UPP Bond 1 Issuer PLC to positive from stable on the back of strong performance expectations and our view that UPP will continue improving its operating and financial position despite ongoing macroeconomic headwinds and material remedial works.

We revised the outlook on Freemens Common Village LLP's SPUR to stable from negative following construction completion and the issuance of all final acceptance certificates. The stable outlook reflects our expectations for stable operations and high nominations by the university, protecting it from demand risk. We also revised the outlook on East Slope Residencies PLC's SPUR to stable from negative due to its track record of stable operational performance since the completion of construction in December 2020. The stable outlook reflects our expectation what the project will continue operations with minimum service failures.

We revised the outlooks on the SPURs for Uliving@Essex Issuerco PLC and Uliving@Essex2 Issuerco PLC to stable from negative, but these revisions accompany the projects' SPURs downgrades rather than improved performance. Additionally, we revised the SPUR outlook on Ulivin@Essex3 LLP to stable from negative with no rating action. The stable outlook on these three projects reflects our expectation that credit metrics will start to recover once inflation reverts to the previous low levels forecast by 2024. This would allow the projects the opportunity to increase one-year lag rents above inflation.

In addition, we expect university-reserved occupancy levels to return to high levels once the impact of the pandemic on higher education diminishes. We revised the SPUR outlook on Mount Oswald Colleges LLP to positive from stable. This reflects our view that the project will continue to benefit from high nominations and strong rental growth, owing to the university's position as one of the top-ranked universities in the U.K., bolstering its financial performance despite the high inflationary scenario and elevated cost of utilities in the U.K.

On the other hand, we revised the outlook on ULivingAtHertfordshire to negative from stable on the back of weak performance. Occupancy levels at ULiving@Hertfordshire's (UL@H) student accommodation have yet to rise, and we view the long-term demand for student accommodation as uncertain, especially given the government's decision on student visas (from January 2024, it will not issue visas to the family members of international students, unless the student is undertaking a postgraduate research course). Furthermore, UL@H's rent is tied to the retail price index (RPI), making it difficult to increase in line with the rising cost of its operational and financial obligations.

Debt service performance

A typical quality student housing project with an operations phase business assessment (OPBA) of '3', the average for the student housing portfolio, and a minimum DSCR of 1.175x could map to an operations-phase stand-alone credit profile (SACP) of 'bbb-', per Table 8 of our new general criteria. We note that this mapping differs from Table 5 of the prior version of our criteria, in which the lower bound for the minimum DSCR was 1.20x rather than the current 1.175x reflecting a 25 basis point (bps) difference.

However, there are some outliers that affect the OPBA and minimum DSCR average (Table 2). For Keele Residential Funding PLC (SPUR A/Negative), we base our assessment on our downside analysis as a starting point, because it provides unique insight into this project's default risk. The project has an OPBA of '1' and under our downside scenario, we expect a minimum DSCR of 1.0x in January 2047; however, the downside assessment of 'a' overrides the base-case analysis. A key strength of the project is the simple nature of its operating requirements, coupled with the transfer of operation and maintenance risk to the University of Keele. We also note that this student housing project benefits from an AG guarantee, leadings its ICR to be rated 'AA' with a stable outlook on an enhanced basis.

Table 2

Minimum DSCRs and OPBAs--Student Housing
Rating	A	BBB	BB
Minimum DSCR range	1.00x	1.11x-1.35x	1.15x
Average minimum DSCR	1.00x	1.25x	1.15x
Average OPBA	1	3.4	5
Source: S&P Global Ratings.

Nominations

A majority of student housing projects benefit from nomination agreements with universities, protecting them from demand risk and as such reducing credit risk. However, some accommodations do not, and as such, data on nominations does not tell the full story, which is particularly noticeable on a regional basis. Supplementing the analysis with rankings helps gain a more comprehensive view and makes it slightly clearer that stronger universities are more likely to fully nominate. We also note that there is a significantly strong correlation between nominations and occupancy, which is not surprising given the agreements with universities and contractual obligations to fill rooms in some cases.

Hotels

Rating distribution and changes

S&P Global Ratings' portfolio of project finance hotels is fully concentrated in North America. With a median rating of 'BBB-', the hotel portfolio consists of 70% investment-grade projects (seven) and 30% non-investment-grade projects (three). Most of our rated hotels are fully exposed to lodging market volume risk, with two exceptions that receive city support backed by tax payment, partially offsetting volume risk. There was only one upgrade over the past year; we raised the rating for Baltimore Hotel Corp. to 'B' from 'CCC+' following the hotel's solid performance recovery from COVID during 2022 and the first quarter of 2023. There have been no downgrades in this asset class within our portfolio over the past year.

The portfolio demonstrates our view that the rated hotels have resilient underlying credit metrics on an overall basis. Most of the hotels in operation have a stable pre-pandemic operational history and have demonstrated a strong recovery from the COVID-19 pandemic. We observe a resurgence in occupancy levels across various markets due to pent-up travel demand in leisure and group segments.

Average daily rates (ADR) have also risen steadily due to the high-inflation economic environment. Growing occupancy coupled with rising ADRs positively impact revenue per available room (RevPAR) with some hotels in smaller markets surpassing our initial recovery forecast. Nonetheless, key risks for hotels going forward are the vulnerability to future events that impact occupancy and potential unsustainable financial performance post-COVID given the current economic environment.

Gross operating profit margin has been suppressed because of rising labor and other operating costs over the past two years, but we expect it will stabilize in the short term. The continuation of strong occupancy, ADR, and RevPAR trends against challenging economic headwinds will be key to the hotels' continued recovery. For hotels under construction, supply chain issues and weather-related events led to delays in anticipated substantial completion dates. Nonetheless, construction progress is in its final stages for most hotels still under construction, with final completion expected by year-end 2023 or early 2024.

Outlook distribution and revisions

We have stable outlooks on 80% of the hotel portfolio (eight projects) while 20% (two projects) have a negative outlook. Hotel projects in our portfolio have maintained mostly stabilized performance in the last year; however, there were two outlook revisions. Denver Convention Center Hotel Authority saw a positive outlook revision to stable from negative, which reflects our view that the senior debt is sufficiently supported at the current level given the hotel's solid recovery post-pandemic and ample liquidity to weather economic cycles. Additionally, we revised the outlook on Baltimore Hotel Corp. to stable from positive, but this revision accompanies the upgrade to 'B' from 'CCC+' rather than due to weaker performance.

Debt service performance

A typical quality hotel project with an operations phase business assessment (OPBA) of '9', the average for the hotel portfolio, and a minimum DSCR of 2.50x could map to an operations-phase stand-alone credit profile (SACP) of 'bbb-', per Table 8 of our current general criteria. We note that this mapping is the same as under Table 5 of the prior version of our criteria, in which the lower bound for the minimum DSCR was also 2.50x.

However, there are some outliers that affect the OPBA and minimum DSCR average (Table 3). Denver Convention Center Hotel Authority (BBB-/Stable), for example, has an OPBA of '5', and a minimum DSCR of 1.50x, which under the current criteria maps to a preliminary SACP of 'bbb-'. The OPBA is scored lower than its peers given that the project benefits from appropriation payments from the City and County of Denver through an economic development agreement (EDA), which reduces revenue volatility and the hotel's exposure to guest demand risk by providing cash flow certainty.

Table 3

Minimum DSCRs and OPBAs--Hotels
Rating	BBB	BB	B
Minimum DSCR range	1.50x-2.61x	1.35x-1.97x	1.16x
Average minimum DSCR	2.21x	1.66x	1.16x
Average OPBA	8.4	9	9
Source: S&P Global Ratings.

RevPAR

While half of our hotel portfolio is still under construction, the five hotels in operation have encountered fluctuations in revenue per available room (RevPAR) recovery post pandemic. Some hotels, like Austin Convention Enterprises Inc. and Denver Convention Center Hotel Authority, have recovered between 84%-90% of pre-COVID levels in 2022 and have outperformed our forecasts.

Community Finance Corp., for example, has experienced a fast-paced recovery with RevPAR moderately exceeding management's budget at $124 per available room. In our view, the project will recover to pre-COVID-19 levels by 2023 or 2024 if current operational trends prevail.

On the other hand, Greater Columbus Convention Center Hotel has faced slower-than-expected RevPAR recovery in their ramp-up period associated with the introduction of increased room capacity to the local market. We expect the project to recover approximately 83% of its 2019 RevPAR in 2023.

Schools

Rating distribution and changes

Almost 60% of the school portfolio is concentrated in the EMEA region, with North America holding the remaining 40%. With most projects rated 'BBB-', the school portfolio consists entirely of investment-grade projects (seven), indicating overall strong credit factors.

Four schools in EMEA and one school in North America benefit from an availability-based revenue stream, which mitigates market risk and supports cash flow stability. Two colleges in North America are exposed to volume risk, implying that a material decline in exam pass or placement rates could reduce student enrollment rates. We view their accreditation as an important factor in mitigating this risk by improving the colleges' competitive position and overall business profile.

For two schools in EMEA and one in North America, we used SPUR in the analysis as opposed to insured enhanced ratings. The school portfolio contained one upgrade for Idaho College of Osteopathic Medicine LLC, whose competitive position and overall business profile improved after receiving full accreditation from the Commission of Osteopathic College Accreditation. There were no downgrades over the past year.

Overall, the school portfolio demonstrates stable operating performance, which reflects our view that schools are less complex to operate than some other social infrastructure asset types, such as health care facilities.

Outlook distribution and revisions

We have stable outlooks on 100% of the school portfolio, and all outlooks were affirmed with no revisions over the past year. This is reflective of the schools' relatively simple operations, with minimal capital expenditure (capex) requirements.

Debt service performance

A typical quality school project with an operations phase business assessment (OPBA) of '3', the average for the school portfolio, and a minimum DSCR of 1.175x could map to an operations-phase stand-alone credit profile (SACP) of 'bbb-', per Table 8 of our new general criteria. However, we note that the average OPBA for availability-based schools is '1', while the average OPBA for schools with volume risk is '5'.

There are also some outliers that affect the OPBA and minimum DSCR average (Table 4). Idaho College of Osteopathic Medicine LLC (BBB-/Negative), for example, has an OPBA of '5', and a minimum DSCR of 2.1x, which under the new criteria maps to a preliminary SACP of 'a-'; however, the downside resiliency assessment caps the rating level at 'bbb'. The project (ICOM) is further exposed to ramp-up risks such as uneven cost profile and relatively higher attrition following its accreditation. Because of these risks and ICOM's limited track record operating as an accredited college, our senior secured bond rating is one notch lower than our business risk and financial risk assessments would otherwise imply.

Table 4

Minimum DSCRs and OPBAs--Schools
Rating	A	BBB
Minimum DSCR range	1.27x-1.35x	0.96x-2.10x
Average minimum DSCR	1.31x	1.44x
Average OPBA	1	2.6
Source: S&P Global Ratings.

Stadiums

Rating distribution and changes

Exactly 75% of the publicly rated stadium portfolio is concentrated in the North American region, with only one stadium project located in EMEA. With a median rating of 'BBB', the stadium portfolio consists of 75% investment-grade projects (three) and one non-investment-grade credit (the remaining 25%), all of which are exposed to volume risk. The stadium portfolio contained upgrades for two projects over the past year: Jets Stadium Development LLC (Met Life Stadium) and Queens Ballpark Co. LLC (Citi Field).

The upgrade of Jets Stadium Development LLC resulted from the implementation of the new criteria "General Project Finance Rating Methodology," published Dec. 12, 2022. Under the revised DSCR ranges outlined in Table 8 of the new criteria, the project aligns more with the 'BBB' rating than 'BBB-' compared to the previous table. For Queens Ballpark Co. LLC, the upgrade followed the resolution of the collective bargaining agreement (CBA) between Major League Baseball (MLB) and the MLB Players Association and marked the first season since the COVID-19 pandemic that the stadium has operated without any capacity constraints. There were no rating downgrades over the past year.

The portfolio demonstrates our view that overall, the covered stadiums have returned to normal operations after COVID-19-related restrictions affected the 2020-2021 and 2021-2022 seasons. Key challenges in the overhang of the pandemic in 2023 and beyond include recessionary headwinds, the ability to renew key sponsorships and advertising agreements, and competition from within sports and other discretionary entertainment options as inflation squeezes personal spending. Despite these pressures, we expect stable credit and ratings. The sector has demonstrated sustained demand from fans to attend events and corporations remain eager to access these fans with advertising and branding.

Outlook distribution and revisions

We have stable outlooks on 75% of the stadium portfolio (three projects). One stadium is on CreditWatch Negative (the remaining 25%). Stadium projects in our public portfolio have maintained mostly stabilized performance in the last year; however, there were two outlook revisions. We placed Inter Media and Communication SpA on CreditWatch Negative following nonpayment from its main sponsorship partner amid the recent downturn in the cryptocurrency sector. The CreditWatch with negative implications reflects the possibility that it could have materially lower sponsorship cash flows absent an appropriate replacement, which could materially weaken its debt-servicing ability.

Additionally, we revised the outlook on Queens Ballpark Co. to stable from positive, but this revision accompanies the upgrade to 'BBB' from 'BBB-' rather than as the result of weaker performance. We expect a stable operating environment and strong credit quality for select sports facilities with features that support investment-grade ratings. However, weaker markets and facilities will face heightened economic pressures affecting gameday sales and sponsorship and premium seating renewals.

Debt service performance

A typical quality stadium project with an operations phase business assessment (OPBA) of '7', the average for the stadium portfolio, and a minimum DSCR of 1.60x could map to an operations-phase stand-alone credit profile (SACP) of 'bbb-', per Table 8 of our new general criteria. We note that this mapping differs from Table 5 of the prior version of our criteria, in which the lower bound for the minimum DSCR was 1.75x rather than the current 1.60x reflecting a 15bps difference.

However, there are some outliers that affect the OPBA and minimum DSCR average . Louisville Arena Authority Inc. (BBB/Stable), for example, has an OPBA of '3' and a minimum DSCR of 1.33x, which under the new criteria maps to a preliminary SACP of 'bbb'. The OPBA is scored lower than its peers given that the project benefits from revenue agreements with key parties, particularly governmental related parties, which reduce the dependency on basketball and other entertainment events and provide resiliency in the event of a short-term economic downturn. Jets Stadium Development's OPBA of '5' is also lower than peers, reflecting a high level of contractually obligated income (COI) the project earns, which generally provides it with significant cash flow stability.

Public Housing

Rating distribution and changes

S&P Global Ratings' portfolio of public housing is fully concentrated in EMEA. The public housing portfolio consists of only two projects that are both availability-based and have investment-grade ratings; there are no non-investment-grade projects. For both projects, we used SPUR in the analysis as opposed to insured enhanced ratings.

There were no rating upgrades or downgrades; we affirmed the ratings on both projects. The portfolio demonstrates our view that overall, the rated public housing projects have strong underlying credit metrics, supported by availability-based payment mechanisms, which reduce operating risk and support cash flow stability. Furthermore, the properties are simple to operate and maintain compared with other property types.

However, the recent filing of significantly delayed accounts by one of the projects in the portfolio, S4B (Issuer) PLC, has raised governance concerns. According to the issuer, this was stated to have resulted from administrative delays through the audit process, and the trading suspension on its bonds was subsequently lifted. We consider these developments to be positive since they will allow the issuer to use its normal procedures for the upcoming debt service payment.

So far, the delayed filing has not resulted in negative rating pressure, because the project's operational cash flows remain unaffected by these events and there was no impact on its debt repaying capacity. That said, we will continue monitoring the issuer's progress in filing the upcoming fiscal 2023 accounts, which were due Sept. 30, 2023. In our view, further negative financial effects cannot be fully excluded if there are significant delays.

Outlook distribution and revisions

We have stable outlooks on 100% of the public housing portfolio with no outlook revisions in the past year, which reflects our view that the projects will continue to demonstrate operational stability.

Debt service performance

A typical quality public housing project with an operations phase business assessment (OPBA) of '2', the average for the public housing portfolio, and a minimum DSCR of 1.10x could map to an operations-phase stand-alone credit profile (SACP) of 'bbb-', per Table 8 of our new general criteria. We note that this mapping is the same as under Table 5 of the prior version of our criteria, in which the lower bound for the minimum DSCR was also 1.10x. Sustainable Communities for Leeds (Finance) PLC has an OPBA score of '1', which paired with a minimum DSCR of 1.19x, leads to its 'A-' SPUR rating. While S4B (Issuer) Plc has a marginally stronger coverage ratio of 1.21x, its higher OPBA score of '3' leads to a lower SPUR rating of 'BBB-'.

Office Buildings

Rating distribution and changes

S&P Global Ratings' portfolio of office buildings is fully concentrated in EMEA. There are just two projects in the office buildings portfolio and both are availability-based and with investment-grade ratings; there are no non-investment-grade projects. Both projects benefit from an unconditional and irrevocable guarantee from Assured Guarantee (AGUK; AA/Stable), and hence we refer to the projects' SPURs to reflect their underlying credit fundamentals. There were no rating upgrades or downgrades; we affirmed the ratings on both projects. They both benefit from an availability-based revenue stream, which protects them from volume or market exposure and supports cash flow stability. This has led to a relatively stable operational history which, paired with a low level of performance deductions, supports the ratings at their current level.

Outlook distribution and revisions

We have stable outlooks on 100% of the office building portfolio with no outlook revisions in the past year, which reflects our view that the projects will continue to demonstrate operational stability.

Debt service performance

A typical quality office building project with an operations phase business assessment (OPBA) of '1', the average for the hospital portfolio, and a minimum DSCR of 1.10x could map to an operations-phase stand-alone credit profile (SACP) of 'bbb-', per Table 8 of our new general criteria. We note that this mapping is the same as under Table 5 of the prior version of our criteria, in which the lower bound for the minimum DSCR was also 1.10x. Both office buildings demonstrate stronger coverage ratios, with minimum DSCRs of 1.22x and 1.40x, leading to 'A' and 'A+' SPURs and AA ratings after incorporating AGUK guarantee, for Integrated Accommodation Services plc and Exchequer Partnership (No. 2) plc, respectively.

Other Social

Rating distribution and changes

The 'other social' category encompasses the remaining projects in our social infrastructure portfolio, consisting of government buildings (including data centers), prisons, military barracks, aged housing, police stations and a convention center. Over 80% of this portfolio is split between EMEA and North America (45% and 36% in each region, respectively), with 18% in Asia-Pacific. With a median rating of 'A-', this portfolio consists entirely of availability-based, investment-grade projects. Six projects benefit from a credit enhancement provided by the guarantors. There were no rating upgrades or downgrades as all projects had their ratings affirmed given the stable nature of projects benefiting from availability-based revenue streams.

Outlook distribution and revisions

We have stable outlooks on over 90% of the 'other social' portfolio (10 projects) based on our expectations of typically predictable debt service coverage ratios, while one government building project has a positive outlook (the remaining 10%). Projects in this category have maintained mostly stable performance in the last year; however, there was one positive outlook revision. We revised the outlook on CSS (FSCC) Partnership to positive from stable on the back of stable operating performance with minimal failure points and deductions during the past three years under its new operator.

Debt service performance

A typical project with an operations phase business assessment (OPBA) of '2', the average for this portfolio, and a minimum DSCR of 1.10x could map to an operations-phase stand-alone credit profile (SACP) of 'bbb-', per Table 8 of our new general criteria. We note that this mapping is the same as Table 5 of the prior version of our criteria, in which the lower bound for the minimum DSCR was also 1.10x.

However, there are some outliers that affect the OPBA and minimum DSCR average (Table 5). BWP Issuer PLC (SPUR BBB-/Stable), for example, has an OPBA of '2' and a minimum DSCR of 0.93x, which under the new criteria maps to a preliminary SACP of 'b'. However, the project is rated under the downside case, given we believe the results from its resiliency analysis better reflect the project's strength. We note that this prison project benefits from a credit enhancement provided by guarantors, leading to an ICR of AA/Stable on an enhanced basis.

Table 5

Minimum DSCRs and OPBAs--Other Social
Rating	A	BBB
Minimum DSCR range	1.14x-1.39x	0.86x-1.14x
Average minimum DSCR	1.22x	0.98x
Average OPBA	1.8	1.7
Source: S&P Global Ratings.

Portfolio Overview

The following tables provide details for each of our ratings and outlooks on social infrastructure projects as of Sept. 30, 2023.

Table 6

S&P Global Ratings' Portfolio of Project Finance Transactions: Hospitals
Project	Location	Rating and outlook	Availability or Volume Risk	Project Description
Ancora (OAHS) Pty Ltd.	APAC	BBB/Stable*	Availability	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 Health Administration Corp. (HAC) granted a 28-year concession to Pinnacle that provides an availability-based payment stream expiring in 2035. Under the contractual terms of the PPP, Pinnacle is responsible for financing, planning, designing, and constructing new facilities on the Bloomfield site in Orange. The facilities include 173 acute overnight hospital beds and 156 mental health beds, together with a range of ambulatory, outpatients, and administration facilities. Pinnacle is also responsible for the provision of services to the nearby Bathurst hospital.
Ancora (RCH) Pty Ltd. / Ancora (RCH2) Pty Ltd.	APAC	BBB/Stable	Availability	Ancora (RCH) Pty Ltd. and Ancora (RCH2) Pty Ltd. are the finance arms of Children's Health Partnership Pty Ltd. (ProjectCo), which is the trustee of the CHP Unit Trust, the concession holder for the Melbourne Royal Children Hospital project granted by the State of Victoria in 2007. Under the terms of the agreement, ProjectCo was responsible for the design and construction (now complete) of a new 357-bed facility adjacent to the former original hospital site, as well as refurbishment of certain existing buildings and construction of a hotel with up to 100 rooms. ProjectCo is also responsible for the provision of certain facilities management (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.
BY Chelmer PLC	EMEA	BBB-/Stable	Availability	U.K.-based special-purpose vehicle (SPV) BY Chelmer PLC issued debt to finance the design, construction, and maintenance of new facilities for Broomfield Hospital, in Chelmsford, Essex, for the Mid Essex Hospital Services NHS Trust. The 35-year project agreement was signed on Dec. 6, 2007. The facilities comprise a five-story, new-build, 600-bed hospital connected to the existing hospital, and a new multistory car park. Construction ran for 43 months until July 2011, and the project is now responsible for hard facilities management (FM) and lifecycle services during the operating period.
Capital Hospitals (Issuer) plc	EMEA	BB+/Stable*	Availability	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 enabled 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 (Manchester) Financing PLC	EMEA	BB+/Stable	Availability	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.
Catalyst Healthcare (Romford) Financing PLC	EMEA	BBB-/Stable*	Availability	In 2004, U.K.-based special purpose entity Catalyst Healthcare (Romford) Financing PLC incurred £128.4 million of senior bonds due in 2038, £13.9 million of subordinated bonds due 2034, and a £100 million senior loan due 2034 provided by the European Investment Bank (EIB), and on-lent the proceeds to Catalyst Healthcare (Romford) Ltd. (ProjectCo) to finance the design and construction of the 939-bed Queen's Hospital in Romford, England, within Greater London. ProjectCo operates the hospital under a 36-year availability-based private-finance initiative agreement with the Barking, Havering, and Redbridge University Hospitals NHS Trust (the Trust) that expires in January 2040. ProjectCo subcontracts hard and soft nonmedical facilities management services to Sodexo Healthcare Services Ltd., a subsidiary of Sodexo Holdings Ltd. It also subcontracts its lifecycle obligations and transfers the associated risks to Equans, formerly Engie Buildings Ltd., and Sodexo. The latter is responsible for the hospital's internal living zones, while Equans is responsible for lifecycle works on the rest of the building.
Central Nottinghamshire Hospitals Plc	EMEA	BB-/Negative*	Availability	U.K.-based special-purpose vehicle Central Nottinghamshire Hospitals PLC (ProjectCo) finances the design, construction, and maintenance of hospital facilities at three sites--King's Mill Hospital, Mansfield Community Hospital, and Newark General Hospital--for the Sherwood Forest Hospitals National Health Service Foundation Trust and NHS Property Services Ltd. (formerly Mansfield and Ashfield Clinical Commissioning Group), under a 37.4 year private finance initiative concession agreement.
CHS (CAMH) Partnership	North America	A-/Stable	Availability	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.
Consort Healthcare (Birmingham) Funding PLC	EMEA	BB/Negative	Availability	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. ProjectCo subcontracts hard facility management (FM) and security services to Equans, formerly Engie, under a back-to-back contract for the duration of the project agreement. It also subcontracts car parking and traffic management services to Q-Park Ltd. The trusts retain soft FM services.
Consort Healthcare (Mid Yorkshire) Funding plc	EMEA	BBB-/Stable	Availability	The project company, U.K.-based special-purpose vehicle Consort Healthcare (Mid Yorkshire) Funding PLC, financed the design and construction of health care facilities for U.K.-based Pinderfields General Hospital and Pontefract General Infirmary for the Mid Yorkshire Hospitals NHS Trust under a private finance initiative (PFI) agreement. Construction was completed on schedule in October 2011. ProjectCo is now providing maintenance and certain nonclinical services and will continue to do so for 35 years under the PFI agreement.
Consort Healthcare (Salford) PLC	EMEA	BBB-/Stable	Availability	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.
Consort Healthcare (Tameside) PLC	EMEA	CCC/Negative	Availability	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.
Healthcare Support (Newcastle) Finance PLC	EMEA	BB/Negative	Availability	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.
Healthcare Support (North Staffs) Finance PLC	EMEA	BBB-/Stable*	Availability	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.
Hospital Infrastructure Partners (NOH) Partnership	North America	BBB+/Positive	Availability	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.
Integrated Team Solutions PCH Partnership	North America	A-/Stable	Availability	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 three-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.
Integrated Team Solutions SJHC Partnership	North America	A/Stable	Availability	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 three-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.
NewHospitals (St. Helens and Knowsley) Finance PLC	EMEA	BBB-/Stable*	Availability	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	EMEA	BBB/Stable*	Availability	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.
Peterborough (Progress Health) PLC	EMEA	BB/Stable*	Availability	U.K.-based special-purpose vehicle Peterborough (Progress Health) PLC issued bonds to finance the design, construction, and operation of three new buildings on two sites for three separate National Health Service (NHS) trusts in the City of Peterborough. Located in central England, the project includes: 1) An acute hospital built on the existing Edith Cavell Hospital site for the North West Anglia NHS Foundation Trust; 2) A mental health unit built on the existing Edith Cavell Hospital site for Cambridge and Peterborough NHS Foundation Trust; and 3) A City Care Center built on the existing Peterborough District Hospital site for NHS Property Services Ltd.
Plenary Health Bridgepoint L.P.	North America	A/Stable	Availability	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 Care Partnerships Humber L.P.	North America	A-/Negative	Availability	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. Project Co receives availability-based revenues during the 30 year operations period, and has subcontracted operations and management to Johnson Controls.
Plenary Health Finance Co. Pty Ltd.	APAC	A/Stable	Availability	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 undertake ongoing maintenance, and receives payment from the state based on the availability of services.
Plenary Health Hamilton L.P.	North America	A/Stable	Availability	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 Health Niagara L.P.	North America	A+/Stable	Availability	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.
SNC-Lavalin Innisfree McGill Finance Inc.	North America	A-/Positive	Availability	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.
St. James's Oncology Financing PLC	EMEA	BBB/Stable*	Availability	St. James's Oncology SPC Ltd. was created to finance, design, build, and operate the Bexley Wing for St. James's University Hospital in Leeds. The project is backed by a 33-year agreement with the Trust, which was signed in October 2004 and expires in December 2037.
Coventry & Rugby Hospital Co. PLC (The)	EMEA	CCC+/Negative*	Availability	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.
Hospital Co. (QAH Portsmouth) Ltd. (The)	EMEA	BBB/Negative*	Availability	The project issued debt in 2007 to finance the design and construction of new and refurbished facilities for Portsmouth Hospitals NHS Trust (the Trust) to provide an advanced hospital serving the City of Portsmouth, the towns of Fareham and Gosport, and the east of the County of Hampshire, in south England. Construction latent defects are borne by ProjectCo after CarillionPLC's mandatory liquidation in January 2018. Operations have continued to run without major disruptions at the hospital after Carillion's liquidation and the relationship between the Trust and ProjectCo has always been collaborative.
Hospital Co. (Swindon & Marlborough) Ltd. (The)	EMEA	A-/Stable*	Availability	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.
THP Partnership	North America	A/Stable	Availability	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.
Walsall Hospital Co. PLC (The)	EMEA	BBB/Stable*	Availability	The Walsall Hospital Co. PLC issued bonds to finance the design, construction, and operation of new health care facilities at the Walsall Hospital for The Walsall Healthcare National Health Service Trust under a 33-year project agreement ending 2041, as part of a U.K. government private-finance initiative program. Following construction completion in 2011, ProjectCo delivers hard facility management (FM) services for both the new and retained estate at the hospital, which are carried out by Skanska Facilities Services Ltd (SFS) under a long-term agreement. Soft FM is provided by the Trust.
*Standard & Poor's Underlying Ratings (SPUR). Source: S&P Global Ratings.

Table 7

S&P Global Ratings' Portfolio of Project Finance Transactions: Student Housing
Project	Location	Rating and outlook	Availability or Volume Risk	Project Description
Catalyst Higher Education (Sheffield) PLC	EMEA	BB+/Stable*	Volume risk	In August 2006, U.K.-based special-purpose entity Catalyst Higher Education Sheffield PLC (ProjectCo) issued £156.8 million of index-linked guaranteed senior secured bonds (including £15 million variation bonds), due July 2045, to finance the refurbishment of existing student accommodation and the construction of new units for the University of Sheffield (UoS). Construction and refurbishment works were completed by Bovis Lend Lease Ltd. in 2009. ProjectCo's accommodation consists of 4,190 bed spaces, which the university markets and allocates as part of its student accommodation portfolio. The project is backed by a 40-year agreement with the university terminating in June 2046, 11 months after the debt maturity. Part of the payments from the UoS to ProjectCo are availability-based and index-linked, with the remaining revenues portion retaining market risk. The debt is fully index-linked. ProjectCo subcontracts hard facilities management to Equans. The University is responsible for soft FM services and administration of student rent agreements.
East Slope Residencies PLC	EMEA	BBB/Stable*	Volume risk	In March 2017, U.K.-based limited-purpose entity East Slope Residencies PLC issued £185.67 million of index-linked, guaranteed, secured, fully amortizing bonds due Feb. 28, 2062. The proceeds were on-lent to East Slope Residencies Student Accommodation LLP (ProjectCo), a joint venture between Balfour Beatty (80%) and the University of Sussex (20%), to design, build, and operate 2,117 student bed spaces in cluster flats and townhouses located on the university campus near Brighton. Construction was completed in December 2020 by a subsidiary of Balfour Beatty. The soft facilities management (FM) services are carried out by the university, 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.
Freemens Common Village LLP	EMEA	BBB-/Stable*	Volume risk	U.K.-based limited-purpose entity Freemens Common Village LLP (ProjectCo) issued £124 million of bonds in 2019 due 2064 to finance the construction of a 1,164-room student accommodation complex and adjacent facilities next to the campus of the University of Leicester. Construction by Engie Regeneration has a scheduled completion in September 2022. Once operations begin, the project will operate the facilities under a long-term agreement with the university, which will market and allocate rooms on behalf of the project. Hard facilities management services are subcontracted to Engie.
Holyrood Student Accommodation Plc	EMEA	BBB-/Stable*	Volume risk	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.
Keele Residential Funding PLC	EMEA	A/Negative*	Volume risk	The debt at this special purpose entity was issued as part of a transaction to refurbish and operate student accommodation on the campus of Keele University. The project company, KRF, has strong links to, and dependence on, the University, which is a key factor for the underlying rating on the debt. Unlike in peer projects, KRF's operating costs are low since the University bears all operation, maintenance, and lifecycle costs and risks.
Kingston Student Living LLP	EMEA	BBB-/Negative*	Volume risk	In 2020, Kingston Student Living LLP (ProjectCo) issued £44.863 million of senior secured 3.06% fixed-rate bonds and £44.863 million of senior secured 0.10% bonds linked to the retail price index, due Feb. 28, 2055. The proceeds were used to redevelop student accommodation at two Kingston University sites, totaling 1,333 rooms, and to reconstruct four heritage buildings into office and social spaces. Upon construction completion, ProjectCo will operate the student accommodation at two sites under a 50-year project agreement with Kingston University. Equans Regeneration Ltd. carries out the refurbishment works under a fixed-price engineering, procurement, and construction (EPC) contract. ProjectCo subcontracts both hard and soft facilities management (FM) services to Equans Services Ltd. (ESL) under a fixed-price (index-linked) contract. ProjectCo retains major maintenance (lifecycle) risk.
Mount Oswald Colleges LLP	EMEA	BBB-/Positive*	Volume risk	The project is responsible for design, construction, 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 allocations process at the University of Durham ensures an equal distribution of students across the colleges, and as such, the occupancy of a college is tied to the university's prestige as an institution rather than that of a specific college.
Uliving@Essex Issuerco PLC	EMEA	BBB+/Stable*	Volume risk	Uliving@Essex, a U.K.-based limited-purpose entity, has issued £98.2 million of senior secured debt to refinance the initial debt raised to finance the construction of a new 649-bedroom and the refubishment of an existing 780-bedroom student accommodation facility at the University of Essex. Construction was completed in 2013 and FM services are now being delivered by Derwent Housing Association. ProjectCo receives 100% of the net lease fee provided that the university reserved occupancy of the rooms at the two student accommodation blocks exceeds 83.15% (or 80.80% after 2030/2031), which is akin to an availability-style payment mechanism.
Uliving@Essex2 Issuerco PLC	EMEA	BBB-/Stable*	Volume risk	U.K.-based limited-purpose entity Uliving@Essex2 Issuerco PLC issued £60.6 million of rated senior secured fully amortizing index-linked bonds to finance the design, construction, and operation of a new 643-bedroom student accommodation facility for the University of Essex (UoE). The project is backed by a 50-year project agreement (PA) 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.
Uliving@Essex3 LLP	EMEA	BBB/Stable*	Volume risk	Uliving@Essex3 has a 50-year project agreement with the University of Essex to design, construct, and maintain accomodation blocks with 1,262 student rooms. The project is adjacent to the previous Uliving@Essex and Uliving@Essex2 inside the university campus. Construction is expected to be completed in 2023 and was funded with £114 million of senior secured debt.
ULivingAtHertfordshire	EMEA	BBB+/Negative	Volume risk	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	EMEA	BBB+/Positive	Volume risk	UPP Bond 1 Issuer PLC issued notes and lent the proceeds to six special-purpose vehicles (the "AssetCos") currently operating accommodation under individual long-term concession agreements for six U.K. universities: the University of Kent, the University of Nottingham, Nottingham Trent University, Oxford Brookes University, Plymouth University, and the University of York. The AssetCos used the loans to repay the outstanding short-term project loans and terminate the swaps in place. The notes will be repaid from rental income on student accommodation.
*Standard & Poor's Underlying Ratings (SPUR). Source: S&P Global Ratings.

Table 8

S&P Global Ratings' Portfolio of Project Finance Transactions: Hotels
Project	Location	Rating and outlook	Availability or Volume Risk	Project Description
Abilene Convention Center Hotel Development Corp.	North America	BBB-/Stable	Volume risk	The project will construct and operate 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.
Austin Convention Enterprises Inc.	North America	BB+/Negative	Volume risk	Austin Convention Enterprises Inc. owns Hilton Austin, an 801-room, full-service hotel in downtown Austin, Texas, across from the convention center. The hotel opened on Dec. 27, 2003, and operates in a 31-story tower (24 of which are occupied by the hotel) with about 98,800 square feet of meeting space (including pre-function space). Below the hotel is a 750-space parking garage, of which the hotel operates 600 spaces.
Baltimore Hotel Corp.	North America	B/Stable	Volume risk	Baltimore Hotel Corp. owns Hilton Baltimore, which is close to the Baltimore Convention Center (BCC) and has been operated by Hilton Worldwide since August 2008. It is a 757-room convention center hotel in downtown Baltimore's Inner Harbor area, overlooking the Camden Yards baseball park and connected to BCC by a pedestrian bridge. The hotel has 29 meeting rooms with approximately 110,000 square-foot meeting and pre-function space, two ballrooms at total of over 42,000 square-foot, and a 567-space, four-story parking garage with two subterranean levels. The hotel's net revenues and pledged city tax revenues secure the bonds. City revenues include a $7 million annual guarantee funded through a second lien on the citywide hotel occupancy tax revenue; a pledge of site-specific hotel occupancy tax revenue, which will vary based on the project's occupancy; and the tax increment payment, which is equal to the hotel's property tax payment.
Baytown Convention Center Hotel	North America	BBB-/Stable	Volume risk	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 achieve final completion in 2023 and debt matures in 2050.
Community Finance Corporation (Grand Hyatt San Antonio)	North America	BBB-/Stable	Volume risk	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.	North America	BBB-/Stable	Volume risk	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 a city of 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 achieve final completion in 2023 and project debt matures in 2050.
Denver Convention Center Hotel Authority	North America	BBB-/Stable	Volume risk	Denver Convention Center Hotel Authority is a 1,100-room, full-service hotel with approximately 60,000 square feet of meeting space adjacent to the Colorado Convention Center in downtown Denver. Hyatt Hotels Corp. manages the hotel, which opened in December 2005. The $271.8 million senior revenue bonds series 2016 due in December 2040 are secured by the hotel's net revenue and fixed contributions from the City and County of Denver, funded through an annual appropriation.
Geo. L. Smith II Georgia World Congress Center Authority	North America	BBB-/Stable	Volume risk	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 project debt matures in 2054.
Greater Columbus Convention Center Hotel Expansion Project	North America	BBB-/Negative	Volume risk	Greater Columbus Convention Center Hotel Expansion Project (GCCCHEP) commenced operations in September 2022 after nearly three years of construction. The project is in the process of completing a few items required to obtain the substantial completion certificate, which will mark the official completion of the construction phase. The new 28-story, 463-room Hilton Columbus Downtown Hotel (Hilton 2.0) is attached to the existing 532-room Hilton Columbus Downtown Hotel (Hilton 1.0) through an enclosed pedestrian bridge. The combined property operates as one 1,000-room (including five additional guest rooms which are being converted in 2023) hotel with direct access to the Greater Columbus Convention Center in the Arena District of downtown Columbus, Ohio. The holders of the series 2019 bonds (rated project debt, issued for construction of Hilton 2.0) are entitled to 59% of hotel cash flows and occupancy tax revenues (from Hilton 1.0 and 2.0) to service the debt. The other 41% of the combined hotel cash flows service the series 2010 bonds (not rated, issued to construct Hilton 1.0).
Provident Group - Falcon Properties LLC	North America	BB/Stable	Volume risk	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.

Table 9

S&P Global Ratings' Portfolio of Project Finance Transactions: Schools
Project	Location	Rating and outlook	Availability or Volume Risk	Project Description
ABC Schools Partnership	North America	A/Stable*	Availability	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 Integrated Facility Services.
Alpha Schools (Highland) Project PLC	EMEA	A/Stable	Availability	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.
Burrell College of Osteopathic Medicine LLC	North America	BBB-/Stable	Volume risk	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.
Discovery Education plc	EMEA	BBB/Stable	Availability	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.
Idaho College of Osteopathic Medicine LLC	North America	BBB-/Stable	Volume risk	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.
InspirED Education (South Lanarkshire) PLC	EMEA	BBB-/Stable*	Availability	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.
Transform Schools (North Lanarkshire) Funding PLC	EMEA	BBB/Stable*	Availability	Transform Schools (North Lanarkshire) Funding PLC issued senior secured debt consisting of a £70 million European Investment Bank loan maturing on Sept. 30, 2034, and £87.8 million of guaranteed bonds maturing on March 31, 2036, and on-lent the proceeds to Transform Schools (North Lanarkshire) Ltd. (ProjectCo) to design, construct, and operate 24 new school facilities across 17 sites in North Lanarkshire, Scotland. Balfour Beatty completed construction in 2008. ProjectCo operates under a 32-year private-finance initiative concession with North Lanarkshire Council. The concession expires in March 2037, which represents a one-year tail on the bonds' maturity date. ProjectCo provides hard and limited soft facilities maintenance services, the responsibility for which it subcontracts to Equans.
*Standard & Poor's Underlying Ratings. Source: S&P Global Ratings.

Table 10

S&P Global Ratings' Portfolio of Project Finance Transactions: Stadiums
Project	Location	Rating and outlook	Availability or Volume Risk	Project Description
Inter Media and Communication SpA	EMEA	B/CW Neg	Volume risk	Inter Media and Communication S.p.A. operates in the media, broadcast, and sponsorship businesses. It also engages in the management and marketing of historical audio-visual materials, the Inter TV channel, and sponsorships; and licensing, merchandising, sponsorship, and other operations related to the Inter brand through the Internet and other media. The company was founded in 2014 and is based in Milan, Italy.
Jets Stadium Development LLC	North America	BBB/Stable	Volume risk	The project is an 82,500-seat open-air stadium in East Rutherford, N.J., and home to the National Football League's New York Jets and New York Giants. Jets Stadium used proceeds to fund its portion of the construction costs of New Meadowlands Stadium Co. LLC (NMSCO), now known as MetLife Stadium. NMSCO, a joint venture owned 50% by Giants StadCo and 50% by Jets StadCo, operates the stadium. The debt is supported by Jets StadCo's share of stadium revenues. Stadium revenues include 50% of the naming rights, advertising, cornerstone contracts, and other events, and 100% of Jets StadCo's stadium revenues, including suites, club seat premiums, parking, and game-day revenues such as concessions. Under the 2014 reimbursement agreement, supplemental stadium revenues are pledged to bondholders.
Louisville Arena Authority Inc.	North America	BBB/Stable	Volume risk	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 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 governmen,t and a fixed payment from the University of Louisville.
Queens Ballpark Co. LLC	North America	BBB/Stable	Volume risk	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.
Source: S&P Global Ratings.

Table 11

S&P Global Ratings' Portfolio of Project Finance Transactions: Public Housing
Project	Location	Rating and outlook	Availability or Volume Risk	Project Description
S4B (Issuer) PLC	EMEA	BBB-/Stable*	Availability	U.K.-based special-purpose entity S4B (Issuer) PLC (the issuer) issued bonds and lent the proceeds to S4B Ltd. (ProjectCo). ProjectCo is using the proceeds to regenerate the Brunswick public housing estate in central Manchester. ProjectCo entered into a 25-year availability-based private finance initiative (PFI) concession with the awarding authority, Manchester City Council. The project includes the partial demolition and construction of housing, as well as the refurbishment of existing housing, the relocation of existing retail shops, and the construction of an extended care facility. The estate, which has both low-rise and high-rise buildings, currently comprises approximately 1,200 housing units.
Sustainable Communities for Leeds (Finance) PLC	EMEA	A-/Stable*	Availability	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.
*Standard & Poor's Underlying Ratings (SPUR). Source: S&P Global Ratings.

Table 12

S&P Global Ratings' Portfolio of Project Finance Transactions: Office Buildings
Project	Location	Rating and outlook	Availability or Volume Risk	Project Description
Exchequer Partnership (No. 2) PLC	EMEA	A+/Stable*	Availability	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.
Integrated Accommodation Services plc	EMEA	A/Stable*	Availability	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.
*Standard & Poor's Underlying Ratings (SPUR). Source: S&P Global Ratings.

Table 13

S&P Global Ratings' Portfolio of Project Finance Transactions: Other Social Infrastructure
Project	Asset Class	Location	Rating and outlook	Availability or Volume Risk	Project Description
Aspire Defence Finance PLC	Military Barracks	EMEA	A-/Stable*	Availability	On April 6, 2006, U.K.–based limited-purpose entity Aspire Defence Finance PLC issued £1.463 billion senior secured bonds due 2040 and on-lent the proceeds to Aspire Defence Ltd. (ProjectCo). ProjectCo used the funds to finance the construction and refurbishment of four garrisons in Aldershot and across the Salisbury Plain in southern England for the U.K. Ministry of Defence under a private finance initiative concession. The project is backed by an availability-based project agreement signed with the U.K. defense secretary that runs until March 2041, providing a one-year tail relative to the term of the debt. ProjectCo is responsible for providing facilities management to the garrisons, a role that it subcontracted to Aspire Defence Services, fully owned by Kellogg Brown & Root Ltd. ProjectCo remains responsible for the cost of most of the estate's major maintenance (life cycle).
BWP Issuer PLC	Prison	EMEA	BBB-/Stable*	Availability	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.
CSS (FSCC) Partnership	Government Building	North America	A-/Positive	Availability	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, 300,000 square foot building with LEED Gold standard certification. There is underground parking for 247 vehicles and 53 spaces at ground level. The project achieved substantial completion on Jan. 31, 2013, and 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.	Government Building	North America	A-/Stable	Availability	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 responsibilities 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.
MPC Funding Ltd. (Plenary Conventions Pty Ltd.)	Convention Center	APAC	A/Stable*	Availability	MPC Funding Ltd. is the finance arm of Plenary Conventions Pty Ltd. (ProjectCo), the concession holder for the Melbourne Convention Centre project granted by the Australian State of Victoria in 2006. ProjectCo completed the construction and fully commissioned the new facility in early 2009. The project was built by Brookfield Multiplex and Plenary Group. ProjectCo provides a range of services to the new convention center, as well as the existing adjacent Melbourne Exhibition Centre; services include cleaning, maintenance, security, and car park management. The revenue stream from the State of Victoria is availability-based, subject to deductions for performance below levels specified in the contract.
Plenary Properties LTAP LP	Government Building	North America	A/Stable	Availability	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 Co.).
Plenary Properties NDC GP	Government Building	North America	BBB+/Stable*	Availability	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 Johnson Controls Canada L.P. (JCLP). Parent company guarantor is Johnson Controls International PLC (JCI). Given the project's limited financial cushion at the existing rating to absorb the cost 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.
Ravenhall Finance Co Pty Ltd.	Prison	APAC	A-/Stable	Availability	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. ProjectCo issued senior secured bonds through its financing arm, Ravenhall Finance Co. Pty Ltd, to refinance existing construction debt and related hedges once commercial operations began.
RMPA Services PLC	Military Barracks	EMEA	A-/Stable*	Availability	RMPA Services PLC used bond proceeds to finance the construction of Colchester Garrison in southeast England, for the U.K. Ministry of Defence under a 35-year private finance initiative concession agreement. The agreement expires in 2039. The 54-month construction program was completed ahead of schedule on April 25, 2008. ProjectCo is responsible for the provision of certain hard and soft facilities management services and lifecycle requirements of the fully serviced living and working accommodation for about 3,500 military personnel.
Services Support (Manchester) Ltd.	Police Stations	EMEA	BBB+/Stable	Availability	Since 2005, Services Support (Manchester) Ltd. (SSML or ProjectCo) 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.
Solutions 4 North Tyneside (Finance) PLC	Aged Housing	EMEA	A-/Stable*	Availability	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.
*Standard & Poor's Underlying Ratings (SPUR). Source: S&P Global Ratings.

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Primary Credit Analysts:	Trevor J D'Olier-Lees, New York + 1 (212) 438 7985; trevor.dolier-lees@spglobal.com
	Krista Sillaste, New York +44 2071760841; krista.sillaste@spglobal.com
	Olyvia Gendron, New York 3322106263; olyvia.gendron@spglobal.com
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