With institutional investor appetite for direct participation in debt funding transactions continuing to grow, pension funds are increasingly acting as direct lenders to infrastructure projects at the construction phase of the transaction. Historically this type of funding has been mainly the preserve of commercial banks. In response, S&P has launched new criteria which, for the first time, provides a methodology to assign a “risk assessment” to certain types of pension fund, and to incorporate this view into the rating of project finance transactions that include exposure to these funds.
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