Since we began rating project finance debt in 1991, the landscape of the sector has changed dramatically. Alongside considerable growth, new asset types involving new deal structures have entered the marketplace, diversifying the range of projects, counter-parties and risks transferred to funders. Additionally, these sweeping changes are bringing in new investors who are not familiar with infrastructure as an asset class. Clearly, there are implications for credit ratings; the way debt is rated must reflect the broader evolution in the market. Therefore, we believe that the proposed updates to our ratings system are timely.
Providing Clarity in a Changing Market: Standard and Poor’s Approach to the Infrastructure Sector – Infrastructure Journal
February 22, 2013
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