Industry Report Card: Global Project Finance Sector Still Resisting Economic Pressure Jun 10
Standard & Poors, June 2010
Abstract
Standard & Poor's Ratings Services believes that well-structured creditworthy project finance transactions will be able to continually access the capital markets, especially as the economic recovery gets on the way. Project finance transactions are expected to help fuel the renewable energy initiatives, as evidenced by steady activity under the U.S. Dept. of Energy's Loan Guarantee Program. As of May 2010, about one-half of U.S. project finance ratings are investment grade, indicating some strong credit quality, but showing signs of pressure as some credits exhibit weaker liquidity positions due to low gas and power prices, a decline in demand for electricity over the past two years, and the slowing economy. Fifty-five percent of the U.S. projects had stable outlooks, and seven...
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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