Category: Project Finance

S&P Global Ratings’ Mar Beltran sheds light on Carillion’s collapse for Construction News

Writing for Construction News, S&P Global Ratings’ Mar Beltran analyses the reasons behind Carillion’s demise. The U.K. construction services firm’s troubles can be traced back to 2012. Beltran comments: “Among the main culprits are the significant impairments to projects and decreasing operational margins, which both suggest failures in risk management policies.” There are lessons to …

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PFI not to blame for Carillion’s collapse, says S&P Global Ratings

Carillion’s compulsory liquidation has not only disrupted the U.K.’s construction market; it has dredged public debate about the efficacy of the U.K.’s private finance initiatives (PFIs). S&P Global Ratings’ research paper on Carillion’s collapse argues that the PFI scheme itself should not be held accountable for Carillion’s demise. The rating agency instead offers an alternative …

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S&P Global Ratings publishes its latest quarterly newsletter, Infrastructure Finance Outlook

S&P Global Ratings has published its latest edition of Infrastructure Finance Outlook – the quarterly newsletter reviewing the global infrastructure sectors’ key new stories. Amid a raft of regulatory and technological disruption, many segments of the infrastructure space are in the midst of change. This edition discusses the most pressing challenges and opportunities that infrastructure investors and …

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BPL Global’s inaugural Market Insight report covered by the specialist press

Market capacity for credit and political risk insurance (CPRI) has grown by 30% since 2015 according to the first ever Market Insight report released by BPL Global, marking its 35th year as the leading CPRI broker. Based on market statistics and BPL Global’s own portfolio, the report provides an analysis of the CPRI market’s capabilities, …

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S&P Global Ratings’ 2018 green bond outlook covered by the specialist press

S&P Global Ratings expects strengthening green bond market fundamentals to fuel about a 30% increase in self-labeled instruments globally in 2018, pushing issuance to around $200 billion for the year (2018). This news, published in a report entitled Green Bonds Issuance Is Expected to Shoot Up Further was covered by the following in the specialist …

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Writing for the World Bank blog, S&P Global Ratings’ Mar Beltran outlines New South Wales’ infrastructure turnaround

Following a countrywide slump for infrastructure projects during the financial crisis, the Australian state of New South Wales (NSW) is displaying signs of promise. Thanks to its application of new financing models and regulatory rigour, NSW’s economic growth is outstripping the G20 average. In turn, NSW has become a blueprint for regional regeneration. In a …

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S&P Global Ratings’ Michael Ferguson considers the development and prospects of the U.S. green bond marketplace in American Infrastructure

2017 has seen a surge of global green bond issuances. The Climate Bonds Initiative (CBI) quantified the total figure for H12017 at $55.8 billion – representing a $21.2 billion increase from the same period in 2016. Despite the sharp increase in both America’s municipal and corporate issuances this year, the majority of green bond marketplace …

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Writing for Brink Asia, S&P Global Ratings’ Mar Beltran describes Australia’s infrastructure turnaround

Prior to the financial crisis, Australia enjoyed a decade of promising infrastructure projects. Privatizations of the country’s four major airports, along with extensive highway construction, were infrastructure successes. But – tempered by construction difficulties, overambitious project forecasting, and highly aggressive financial structures – Australia suffered multiple high-profile defaults. Coupled with the financial crisis, the country’s …

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Michael Wilkins, S&P Global Ratings, discusses the transformation of the energy market and the increasing penetration of renewables for InfraNews

The global energy market is in flux. In the face of power supply gluts and low commodity prices – fossil fuel producers, integrated utilities and merchant generators have shifted their business strategies. What’s more, the growing presence of renewables is disrupting the grid’s status quo – with increasingly favourable regulatory policy and technological improvements aiding …

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Investing in Europe’s car parks could be a bumpy ride, warns S&P Global Ratings in City AM

Europe’s car park infrastructure is undergoing significant growth: in the past year, four of the largest operators have been put up for sale, while M&A activities are commanding high prices. Although the recent flurry of deals appears promising, S&P Global Ratings argues that the future could look far less favourable for car park assets. Notably, …

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