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Industry Report Card: Global Project Finance Oct 05

  • ID: 1787534
  • October 2005
  • Region: Global
  • Standard & Poors

FEATURED COMPANIES

  • AES Ironwood LLC
  • CE Generation LLC
  • DBNGP Trust
  • Express Pipeline System
  • Kiowa Power Partners LLC
  • Midwest Generation LLC
  • MORE

Abstract
Global project finance continues to be a relatively stable sector for investors. This is exhibited in the high percentage of investment-grade ratings and stable outlooks for project finance transactions. Of the 192 projects that Standard & Poor's Rating Services rates, 130 or 68% are rated in the investment-grade category and 80% have stable outlooks. Of the 30 ratings that do not have a stable outlook, there are 18 projects with a negative outlook and the ratings on two projects are on CreditWatch with negative implications. There are 10 projects with a positive outlook, and there are no projects with ratings on CreditWatch with positive implications. The primary reason for this continued negative trend for the rating outlooks on project finance...

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.

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- Massachusetts Development Finance Agency
- 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.
- Sacramento Cogeneration Authority
- Oleoducto Central, S.A. (OCENSA)
- Excel Paralubes Funding Corp.
- LS Power Funding Corp.
- Salton Sea Funding Corp.
- NRG Energy Inc.
- Petropower Energia Ltda.
- Kern River Funding Corp.
- Kern River Gas Transmission Co.
- Road Management Consolidated PLC
- Edison Mission Energy Funding Corp.
- Orange Cogen Funding Corp.
- Autolink Concessionaires (M6) PLC
- Quezon Power (Philippines) Ltd. Co.
- Brooklyn Navy Yard Cogeneration Partners L.P.
- Express Pipeline System
- Express Pipeline Partnership
- New Brunswick (F-M) Project Co. Inc.
- LoyVic Pty Ltd.
- Proyectos de Energia
- Harper Lake Solar Funding Corp.
- CE Generation LLC
- Homer City Funding LLC
- Maritimes & Northeast Pipeline L.P.
- AES Ironwood LLC
- Alliance Pipeline L.P.
- Husky Terra Nova Finance Ltd.
- Cordova Funding Corp.
- Tenaska Georgia Partners L.P.
- Red Oak Power LLC
- Integrated Accommodation Services PLC
- Midwest Generation LLC
- International Power PLC
- Autopista Tijuana Mexicali S.A. de C.V.
- Rowville Transmission Facility Pty Ltd.
- Oleoducto de Crudos Pesados
- FirstLight Hydro Generating Co.
- Elwood Energy LLC
- Southern Power Co.
- Transurban Finance Co. Pty Ltd.
- Utility Contract Funding LLC
- The Federal Bridge Corporation Limited
- Metropolitan Biosolids Management LLC
- Metronet Rail SSL Finance PLC
- The Coventry & Rugby Hospital Co. PLC
- Exchequer Partnership (No. 2) PLC
- Autopista Veracruz Cardel
- Bina-Istra, d.d.
- Green Country Energy LLC
- FPL Energy American Wind LLC
- Colver Power Project
- Itapebi Geracao de Energia S.A.
- Calpine Construction Finance Co. L.P.
- Tenaska Alabama II Partners L.P.
- Octagon Healthcare Funding PLC
- Sociedad Concesionaria Costanera Norte S.A.
- Lane Cove Tunnel Finance Co. Pty Ltd.
- Catalyst Healthcare (Romford) Financing PLC
- FPL Energy Wind Funding LLC
- CountyRoute (A130) PLC
- Sociedad Concesionaria Autopista Central S.A.
- RMPA Services PLC
- Calpine Generating Co. LLC
- Drax Power Ltd.
- Tenaska Virginia Partners L.P.
- DTE Energy Center LLC
- Max Two Ltd.
- Sociedad Concesionaria Vespucio Norte Express S.A.
- Lombard Pub Facs Corp.
- Carretera Viaducto La Venta-Punta Diamante
- Texas Genco LLC
- DBNGP Trust
- DBNGP Finance Co. Pty Ltd.
- Kiowa Power Partners LLC
- Catalyst Healthcare (Manchester) Financing PLC
- Aventine Renewable Energy Holdings Inc.
- Autopista Monterrey-Cadereyta

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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