Industry Report Card: Global Project Finance Feb 04

  • ID: 1787101
  • February 2004
  • Region: Global
  • Standard & Poors
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  • 407 International Inc.
  • Catalyst Brescia S.r.l.
  • Covanta Energy Corp.
  • Green Country Energy LLC
  • Kincaid Generating LLC
  • Proyectos de Energia
  • MORE

(All ratings in the report card are as of Dec. 31, 2003.) During the third quarter of 2003, rating downgrades (seven) again slightly outpaced rating upgrades (four) and currently more project credits possess a negative outlook (35) than a positive outlook (five). Counterparty and sponsor credit were the primary drivers for most of the rating changes and the current prevalence of negative outlooks. Despite the negative pressure exhibited over the past four quarters, the project finance sector is still a relatively stable sector for investors. Financially and technically, most projects have continued to perform in line with rating expectations. Of the 162 project ratings, 110 projects are currently rated in the investment-grade category and 69% of project ratings have a...

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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.

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- Confederated Tribes of the Warm Springs Reservation
- Central Valley Financing Authority
- Covanta Energy Corp.
- Midland Cogeneration Venture L.P.
- The AES Corp.
- Deer Park Refining L.P.
- Calpine Corp.
- Colowyo Coal Funding Corp.
- California Petroleum Transport Corp.
- Sacramento Cogeneration Authority
- Excel Paralubes Funding Corp.
- LS Power Funding Corp.
- Salton Sea Funding Corp.
- Sacramento Power Authority
- NRG Energy Inc.
- Petropower Energia Ltda.
- Kern River Funding Corp.
- Kern River Gas Transmission Co.
- Edison Mission Energy Funding Corp.
- Golden State Petroleum Transport Corp.
- Orange Cogen Funding Corp.
- Quezon Power (Philippines) Ltd. Co.
- Autopistas Del Sol S.A.
- Brooklyn Navy Yard Cogeneration Partners L.P.
- Express Pipeline System
- Kincaid Generating LLC
- LoyVic Pty Ltd.
- Proyectos de Energia
- Borger Energy Associates L.P./Borger Funding Corp.
- Harper Lake Solar Funding Corp.
- USGen New England, Inc.
- Compania MEGA (Project MEGA)
- CE Generation LLC
- Homer City Funding LLC
- East Coast Power LLC
- Maritimes & Northeast Pipeline LLC
- AES Ironwood LLC
- Alliance Pipeline L.P.
- 407 International Inc.
- Cordova Funding Corp.
- Edison Mission Midwest Holdings Co.
- Tenaska Georgia Partners L.P.
- QGPC Finance (Cayman) Ltd.
- PPL Montana LLC
- Juniper Generation LLC
- International Power PLC
- Cedar Brakes I LLC
- Covanta ARC LLC
- Autopista Tijuana Mexicali S.A. de C.V.
- Fixed-Link Finance B.V.
- Oleoducto de Crudos Pesados
- FirstLight Hydro Generating Co.
- Elwood Energy LLC
- Southern Power Co.
- Utility Contract Funding LLC
- Blue Water Bridge Canada
- The Coventry & Rugby Hospital Co. PLC
- Exchequer Partnership (No. 2) PLC
- International Transmission Co.
- ITC Holdings Corp.
- Catalyst Brescia S.r.l.
- Green Country Energy LLC
- FPL Energy American Wind LLC
- Colver Power Project
- Calpine Construction Finance Co. L.P.
- Tenaska Alabama II Partners L.P.
- Catalyst Healthcare (Romford) Financing PLC
- Red Oak Power LLC
- Autolink Concessionaires (M6) PLC

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