S&P has released the December edition of IFR Outlook, the newsletter of key infrastructure and project finance-related research and rating news.
In the front-page feature, Michael Wilkins, head of environmental and climate risk research, assesses global trends in climate finance. Looking back at the year since the Paris Agreement, he explains that continued development of the global green bond market is needed to convert politics into action and secure a low-carbon future. Continuing the environmental theme, director Miroslav Petkov explains S&P’s methodology behind evaluations of infrastructure projects intended to adapt to the effects of climate change.
In the wake of the US election, director Michael Ferguson explores the likely credit impacts of a Trump administration on the country’s energy sector, assessing everything from renewables and ethanol to coal and fracking. Also in the energy sphere, credit analyst Vittoria Ferraris outlines the next steps for Germany’s second-largest utility, RWE and its subsidiary Innogy, following Europe’s largest initial public offering (IPO) since 2011. In another feature on utilities, director Pierre Georges weighs in on the pension benefit obligations of Europe’s top 20 companies.
In other news, S&P has revised its outlook on UK-based road operator Autolink Concessionaires to positive, rated Spanish Redexis Gas ‘BBB’ with a stable outlook, and assigned a ‘BB+’ corporate credit rating to Saudi Arabian utility company ACWA Power Management and Investments One Ltd, with a preliminary ‘BBB-’ rating to the company’s proposed senior secured bond issue.