Industry Report Card: Global Project Finance's Positive Start To 2007 Keeps Ratings Solidly Investment Grade May 07

  • ID: 1788134
  • May 2007
  • Region: Global
  • Standard & Poors
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  • AEI
  • Coffeyville Resources LLC
  • DBNGP Trust
  • International Power PLC
  • LS Power Funding Corp.
  • Red Oak Power LLC
  • MORE

The first quarter of 2007 was a very active period globally in the project finance sector. Standard & Poor's Ratings Services has rated 13 new projects since the start of the year and has upgraded seven existing projects. Credit improved with five of the new projects rated in the investment grade category. As of May 4, 2007, about 69% of the rated project finance transactions in the U.S. had investment-grade status compared with 50% as of Dec. 31, 2006. About 87% have stable outlooks. Of the remaining projects without a stable outlook, 15 projects have a negative outlook, four ratings are on CreditWatch with negative implications, five have a positive outlook, and one rating is on CreditWatch with positive implications....

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
- Covanta Energy LLC
- Midland Cogeneration Venture L.P.
- Edison Mission Energy
- Cogentrix Energy Inc.
- The AES Corp.
- 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.
- Kern River Funding Corp.
- 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.
- Borger Energy Associates L.P./Borger Funding Corp.
- Harper Lake Solar Funding Corp.
- CE Generation LLC
- Maritimes & Northeast Pipeline L.P.
- Alliance Pipeline L.P.
- Cordova Funding Corp.
- Tenaska Georgia Partners L.P.
- Red Oak Power LLC
- Orion Power Holdings Inc.
- Tenaska Alabama Partners L.P.
- Integrated Accommodation Services PLC
- Midwest Generation, LLC
- International Power PLC
- Rowville Transmission Facility Pty Ltd.
- Austin Convention Enterprises Inc.
- Oleoducto de Crudos Pesados
- Ruta del Maipo Sociedad Concesionaria S.A.
- FirstLight Hydro Generating Co.
- Elwood Energy LLC
- Southern Power Co.
- Transurban Finance Co. Pty Ltd.
- Broadcast Australia Finance 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
- 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.
- Octagon Healthcare Funding PLC
- Sociedad Concesionaria Costanera Norte S.A.
- Catalyst Healthcare (Romford) Financing PLC
- FPL Energy Wind Funding LLC
- CountyRoute (A130) PLC
- Central Valley Financing Authority
- 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
- 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
- DBNGP Trust
- Kiowa Power Partners LLC
- 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
- Libramiento Plan del Rio
- Healthcare Support (Newcastle) Finance PLC
- San Antonio Convention Center Hotel Finance Corp.
- Transform Schools (North Lanarkshire) Funding PLC
- Coffeyville Resources LLC
- Ruta del Maule Sociedad Concesionaria S.A.
- Ras Laffan Liquefied Natural Gas Co. Ltd. (3)
- Central Nottinghamshire Hospitals PLC
- 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
- Aspire Defence Finance PLC
- Alte Liebe 1 Ltd.
- CRC Breeze Finance S.A.
- 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.
- 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
- NSG Holdings LLC
- Breeze Finance S.A.
- RRI Energy Inc.

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