Industry Report Card: Global Project Finance Ratings Remained Stable In First Three Quarters Despite Credit Crunch Oct 07
Standard & Poors, October 2007
Abstract
The 2007 credit crunch had a definite effect on project financings coming to market. Deeply speculative rated projects had a tough time selling debt. Project finance bankers realized this early and were structuring the debt leverage of projects to attain ratings in the 'BB' category. This trend is continuing into the fourth quarter of 2007. However, the ratings on the project finance transactions that Standard & Poor's Ratings Services covers remained relatively stable for the first three quarters of 2007. As of August 2007, investment-grade entities accounted for about 67% of the entire rated project finance portfolio. About 80% have stable outlooks. The remaining projects in the portfolio consist of 16 ratings on CreditWatch negative, and one rating on Watch...
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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- Pennsylvania Econ Dev Fing Auth
- Confederated Tribes of the Warm Springs Reservation
- Central Valley Financing Authority
- Centragas - Transportadora de Gas de la Region Central de AP Gasoductos Administracion & Cia., S. C. A.
- Covanta Energy Corp.
- Philippines (Republic of the)
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- California Petroleum Transport Corp.
- Sacramento Cogeneration Authority
- Oleoducto Central, S.A. (OCENSA)
- Excel Paralubes Funding Corp.
- LS Power Funding Corp.
- Salton Sea Funding Corp.
- Oresundsbro Konsortiet
- Sacramento Power Authority
- TransGas de Occidente S.A.
- CE Casecnan Water and Energy Co. Inc.
- NRG Energy Inc.
- Petropower Energia Ltda.
- Kern River Funding Corp.
- Paiton Energy Funding B.V.
- Road Management Consolidated PLC
- Ras Laffan Liquefied Natural Gas Co. Ltd.
- Edison Mission Energy Funding Corp.
- Golden State Petroleum Transport Corp.
- Orange Cogen Funding Corp.
- TermoEmcali Funding Corp
- Fideicomiso Petacalco
- Autolink Concessionaires (M6) PLC
- Sutton Bridge Financing Ltd.
- Quezon Power (Philippines) Ltd. Co.
- Petrozuata Finance Inc.
- Windsor Petroleum Transport Corp.
- Brooklyn Navy Yard Cogeneration Partners L.P.
- Express Pipeline System
- Express Pipeline Partnership
- Monterrey Power, S.A. de C.V.
- New Brunswick (F-M) Project Co. Inc.
- Kincaid Generating LLC
- LoyVic Pty Ltd.
- Proyectos de Energia
- Phoenix Park Funding Ltd.
- Conproca, S. A. de C. V.
- Borger Energy Associates L.P./Borger Funding Corp.
- Harper Lake Solar Funding Corp.
- Choctaw Generation L.P.
- CE Generation LLC
- Homer City Funding LLC
- East Coast Power LLC
- Maritimes & Northeast Pipeline LLC
- Maritimes & Northeast Pipeline L.P.
- AES Ironwood LLC
- Alliance Pipeline L.P.
- Alliance Pipeline Limited Partnership
- 407 International Inc.
- Cordova Funding Corp.
- Tenaska Georgia Partners L.P.
- Red Oak Power LLC
- Iroquois Gas Transmission System L.P.
- Orion Power Holdings Inc.
- Tenaska Alabama Partners L.P.
- Integrated Accommodation Services PLC
- PPL Montana LLC
- Juniper Generation LLC
- Midwest Generation LLC
- International Power PLC
- Cedar Brakes I LLC
- Rowville Transmission Facility Pty Ltd.
- Austin Convention Center Enterprises Inc.
- Doswell Energy Virginia Funding Corp.
- Oleoducto de Crudos Pesados
- Ruta del Maipo Sociedad Concesionaria S.A.
- FirstLight Hydro Generating Co.
- Elwood Energy LLC
- Transurban Finance Co. Pty Ltd.
- Broadcast Australia Finance Pty Ltd.
- Utility Contract Funding LLC
- Blue Water Bridge Canada
- Metropolitan Biosolids Management LLC
- Metronet Rail SSL Finance PLC
- The Coventry & Rugby Hospital Co. PLC
- Exchequer Partnership (No. 2) PLC
- Autopista Veracruz Cardel
- Denver Convention Center Hotel Authority
- Green Country Energy LLC
- Societe Marseillaise du Tunnel Prado-Carenage S.A. (SMTPC)
- 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.
- Constructora Internacional de Infraestructura, S.A de C.V.
- Octagon Healthcare Funding PLC
- Sociedad Concesionaria Costanera Norte S.A.
- 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
- DBCT Finance Pty Ltd.
- Tenaska Virginia Partners L.P.
- DTE Energy Center LLC
- Tube Lines (Finance) PLC
- Autovia del Camino S.A.
- Sociedad Concesionaria Vespucio Norte Express S.A.
- Autoroutes Paris-Rhin-Rhone S.A.
- Baesa - Energetica Barra Grande S.A.
- Lombard Pub Facs Corp.
- Carretera Viaducto La Venta-Punta Diamante
- Delek & Avner - Yam Tethys Ltd.
- DBNGP Trust
- Kiowa Power Partners LLC
- Tenaska Oklahoma I L.P.
- Catalyst Healthcare (Manchester) Financing PLC
- Aventine Renewable Energy Holdings Inc.
- Autopista Monterrey-Cadereyta
- Crockett Cogeneration, A California L.P.
- FPL Energy National Wind Portfolio LLC
- FPL Energy National Wind LLC
- Premier Transmission Financing PLC
- Healthcare Support (Newcastle) Finance PLC
- San Antonio Convention Center Hotel Finance Corp.
- Transform Schools (North Lanarkshire) Funding PLC
- Coffeyville Resources LLC
- Express Pipeline LLC (USA)
- Ruta del Maule Sociedad Concesionaria S.A.
- Ras Laffan Liquefied Natural Gas Co. Ltd. (3)
- La Paloma Generating Co. LLC
- Thermal North America Inc.
- Downtown Phoenix Hotel Corp.
- Central Nottinghamshire Hospitals PLC
- The Hospital Co. (QAH Portsmouth) Ltd.
- Sacramento Municipal Utility District Financing Authority
- Baltimore Hotel Corp.
- Libramiento de Matehuala
- NewHospitals (St. Helens and Knowsley) Finance PLC
- VeraSun Energy Corp.
- Alpha Schools (Highland) Project PLC
- Capital Hospitals (Issuer) PLC
- Services Support (Manchester) Ltd.
- Highway Management (City) Finance PLC
- Astoria Generating Co. Acquisitions LLC
- Windsor Financing LLC
- Consort Healthcare (Birmingham) Funding PLC
- Ajman Sewerage (Private) Co. Ltd.
- Aspire Defence Finance PLC
- Alte Liebe 1 Ltd.
- CRC Breeze Finance S.A.
- Darwin Cove Convention Centre Pty Ltd.
- MPC Funding Ltd.
- InspirED Education (South Lanarkshire) PLC
- Autoban - Concessionaria do Sistema Anhanguera Bandeirantes S.A.
- Yankee Stadium LLC
- DirectRoute (Limerick) Finance Ltd.
- Queens Ballpark Co. LLC
- FMG Resources (August 2006) Pty Ltd.
- The Hospital Co. (Swindon & Marlborough) Ltd.
- Abu Dhabi National Energy Co. PJSC
- Sabine Pass LNG L.P.
- Ecovias-Concessionaria Ecovias dos Imigrantes S.A.
- Nakilat Inc.
- Reliance Rail Finance Pty Ltd.
- Ostregion Investmentgesellschaft Nr. 1 S.A.
- Longview Power LLC
- Discovery Education PLC
- AEI
- NSG Holdings LLC
- Breeze Finance S.A.
- Lea Power Partners LLC
- Mackinaw Power LLC
- Mackinaw Power Holdings LLC
- Healthcare Support (North Staffs) Finance PLC
- Consort Healthcare (Mid Yorkshire) Funding PLC
- Peterborough (Progress Health) PLC
- Concessionaria de Rodovias do Oeste de Sao Paulo S.A.
- Channel Link Enterprises Finance PLC
- Sandy Creek Energy Associates L.P.
- Consort Healthcare (Salford) PLC
- Consort Healthcare (Tameside) PLC
- Corredor Sur Trust
- InterGen N.V.
- Veolia Energy Atlantic Station LLC
- Libramiento Plan del Rio
- Autopista Mexico-Toluca
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