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Another Phenomenal Year For Infrastructure Finance Nov 07
Standard & Poors, Nov 2007
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
Despite the recent credit market turmoil, 2007 has been another bumper year for global infrastructure finance--fuelled by record levels of M&A activity driven largely by asset-hungry infrastructure funds. The value of total infrastructure-related deals worldwide this year has already reached $322 billion, just shy of the staggering $342 billion spent globally in 2006. These figures demonstrate the remarkable growth in the infrastructure sector in recent years, with activity almost doubling since 2005. Additionally, there are some interesting trends beginning to emerge: Financial sponsors--such as infrastructure funds, private-equity players, and pension funds--now account for more than 20% of global infrastructure deals. Europe has established itself as a key region for this activity, accounting for more than half of all infrastructure-related M&A...
Companies mentioned in this report are: BAA Ltd.,Endesa S.A.,Iberdrola S.A.,Thames Water Utilities Cayman Finance Ltd.
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