Infrastructure Hub

The development of infrastructure in cities and regions across the world is critical to economic growth and social well-being. As such, securing the funding needed to support the global infrastructure sector—currently in the tens of trillions of dollars—is a key issue for governments and policymakers.

Government funding constraints have limited public investment in recent years; however, the private sector is increasingly willing to construct, lease, operate, and maintain infrastructure assets from airports and toll roads to power plants and schools. Due to the long-lived nature of these assets, debt capital plays an important role in financing infrastructure.

Our research shows that institutional investors have a collective demand for infrastructure debt. Our global team has the extensive expertise needed to evaluate the broad array of asset types and ownership structures, as well as the financing techniques utilized to fund them. This page is intended to help market participants navigate through the broad array of infrastructure finance services and research from the divisions of S&P Global. All content comes from S&P Global Ratings unless otherwise noted. 


ARTICLE Autos, Transport & Defense

A Wave Of Acquisitions By European Transport Infrastructure Companies Is Unlikely To Disturb Ratings Stability

Over the past few months, large European transportation infrastructure groups have announced and completed a string of acquisitions of concessions and infrastructure assets. Opportunities for investment are opening up as governments seek private funding to replenish and expand aging infrastructure, enabling corporate groups to diversify their revenues across sectors and regions.

ARTICLE Infrastructure

Large GREs In The GCC With Important Mandates Are Better Positioned To Withstand Low Oil Prices

Over the past nine months we have taken negative rating actions on one-third of our corporate and infrastructure companies in the Gulf Cooperation Council (GCC), and raised the ratings on only three. The GCC market continues to face a tough operating environment at present on the back of continued subdued oil prices.

ARTICLE Autos, Transport & Defense

The ICAO's Global Airline Emission Agreement Will Have Little Near-Term Credit Impact But Could Potentially Lead To Long-Term Costs

The historic Carbon Offset and Reduction Scheme for International Aviation (CORSIA) agreement announced by the International Civil Aviation Organization (ICAO, a United Nations body) on Oct. 6, 2016, should not have a material near-term credit effect on the airlines, aircraft manufacturers, or aircraft leasing companies that we rate.


ARTICLE Economic Research

Rebuilding Through Repatriation: How Corporate Cash Can Save America's Infrastructure

With an onerous and outdated U.S. tax code keeping American corporations from repatriating the more than $2 trillion they hold overseas, S&P Global is proposing a deal in which companies can take advantage of a limited tax holiday in return for investing a percentage of the earnings they bring home in U.S. infrastructure.


ARTICLE Infrastructure

How Asset Level Data Can Improve The Assessment Of Environmental Risk In Credit Analysis

The 21st Century will be increasingly defined by emerging and changing environmental risks and opportunities. Environmental risks are fundamental drivers of company and financial risk exposure for debt issuers. Asset level data build on disclosure regimes by providing physical and nonphysical asset level information tied to company ownership.

ARTICLE Infrastructure

Brexit Is Weakening Investor Appetite For U.K. Infrastructure Assets. But Not For Long.

Investment in infrastructure has experienced setbacks, with postponements of some asset sales and a downsizing of other projects. This includes not only projects supported by the U.K. government, such as the Hinkley Point nuclear power station, HS2 high-speed railway line, and the proposed Heathrow runway expansion, but also private deals such as the proposed sale of the Birmingham Toll Road M6, w

ARTICLE Power Generation and Transmission

Splitting The Atom: How Low Gas Prices And Weak Demand Growth Undermined Nuclear Profitability

In early June 2016, Exelon Corp. announced it was retiring two of its stalwart nuclear units, Clinton and Quad Cities in Illinois. Exelon had been signaling this possibility very publicly for years, but the high profile nature of the announcement marks a crescendo of nuclear asset closures throughout the Midwestern and Northeastern U.S. during the past few years, mostly as a result of declining pr

ARTICLE Power Generation and Transmission

Capacity Markets Update: What Could Prompt Higher PJM Capacity Prices?

S&P Global Ratings recently updated its PJM capacity price assumptions. We've discussed factors that could generate lower auction pricing for power in U.S. markets. We've examined some factors that could generate higher capacity prices in future auctions, including bidding behavior, plant retirements, and a continuing decline in demand response participation.


ARTICLE Corporates

Proposal For Environmental, Social, And Governance (ESG) Assessments

S&P Global Ratings is seeking feedback on a potential new ESG evaluation framework and scoring methodology it is developing for corporate issuers to evaluate a company's impact on the natural and social environments it inhabits, the governance mechanisms it has in place to oversee those effects, and potential losses it may face as a result of its exposures to such environmental and social risks.

ARTICLE Infrastructure

S&P Global Ratings' Approach To Rating U.S. Public/Private Partnerships With Deferrable TIFIA Debt

This article discusses how S&P Global Ratings accounts for the benefits of TIFIA loans that have the flexibility to defer debt-service obligations in times of project stress. We discuss how we factor these loans into our rating analysis for U.S. transport projects that have volume risk, such as managed lanes and toll roads.

ARTICLE Infrastructure

Can GCC Corporate And Infrastructure Sukuk Issuance Recover From Its Current Stall?

Essential infrastructure funding requirements, low interest rates, and investors' appetite for Islamic assets in their portfolios continue to be supportive for the world's core corporate sukuk markets--the Gulf Cooperation Council (GCC; Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates) and Malaysia. But corporate and infrastructure sukuk issuance has continued to stagnate so fa

ARTICLE Utilities

Brexit And The Energy Transition: Two Key Issues In Europe's Infrastructure And Utilities Finance Markets

At S&P Global Ratings' annual infrastructure finance seminars in June in London, Paris, and Frankfurt, market participants heard about the effects of the U.K. referendum on leaving the EU and also about trends and developments in the utilities sector, which is facing a difficult present and uncertain future amid great change.

ARTICLE Infrastructure

Storage: The Final Piece In The Global Energy Transition Puzzle

Recent mergers and acquisitions (M&A) featuring substantial investments in energy storage companies indicate a structural shift in global energy systems. S&P Global Ratings believes this is a sign of things to come, as leading estimates predict that the world will need 150 gigawatts (GW) of battery storage if it is to double the share of renewable power generation by 2030.

ARTICLE Infrastructure

Bridging the Gap Together: A New Model to Modernize U.S. Infrastructure

This report was commissioned by the Bipartisan Policy Center’s Executive Council on Infrastructure, co-chaired by Doug Peterson, president and CEO of S&P Global, and Susan Story, President and CEO of American Water. It contains proposals for a new framework to plan, pay for, and deliver transformative infrastructure projects in the United States. 

ARTICLE Infrastructure

Post-Brexit, Long-Term Funding Is U.K. Infrastructure Investors' Biggest Concern

It's well known that investors hate uncertainty, and in the run-up to the U.K.'s June 23 referendum on membership in the EU, the only certainty is uncertainty. According to a survey of infrastructure investors active in the U.K. market carried out by S&P Global Ratings, the lion's share believes that a Brexit, or U.K. exit from the EU, would zap investment for infrastructure.

ARTICLE Utilities

Even As The Obama Era Nears Its End, The EPA Isn't Likely To Ease Back

Most observers would agree that the U.S. Environmental Protection Agency (EPA) was very busy in 2015. Last year saw the finalization of the Clean Power Plan in August, followed by the high-profile Gold King mine spill disaster in Colorado later in the year. And now it faces questions around its handling of the Flint, Michigan, drinking water crisis in 2016.


ARTICLE Project Finance

The Corporate Green Bond Market Fizzes As The Global Economy Decarbonizes

The corporate green bond market got off to an auspicious start in 2016 with Apple's first ever green bond issuance on Feb. 16, worth $1.5 billion. The market predicted this issue by the world's largest company by capitalization would open the gates to more large corporates tapping the market for green bonds, which are issued specifically to fund environmental projects.

ARTICLE International Public Finance

Europe Is Still Holding On, Amid Negative Rates And Brexit Risk

As we enter the second quarter, the markets have calmed but worries about Europe’s long-term growth path are still real. Amid these concerns and yet again disappointing indicators for long-term inflation, the European Central Bank took another unorthodox step in March by pushing deposit rates further below zero, and increasing its quantitative easing program both in volume and scope.

ARTICLE Islamic Finance

Why Profit And Loss Sharing May Be Gaining Ground In Islamic Finance

Global financial systems are moving toward liabilities bailing-in through the introduction of resolution regimes and the requirement that some banks set aside a certain amount of loss-absorbing instruments. We believe Islamic finance might be headed in the same direction and thus inching closer to applying one of its five basic principles, profit and loss sharing.

ARTICLE International Public Finance

Assessing The Credit Risks Of U.K. Power Projects Backed By Contracts For Difference

The U.K. government's "contracts for difference" (CfD) scheme is a feed-in tariff helping to accelerate investment in low-carbon power generation. The Conservative government is yet to confirm implementation detaild for the second round of this scheme. Here, we outline how we would assess the credit risk of eligible projects.


VIDEO Infrastructure

Investor Briefing: Mexico City Airport

Financed with $13 billion, including $6 billion of debt, phase one of the new airport in Mexico City is one of the largest infrastructure projects in the hemisphere. In this extended briefing, our analysts detail the unique aspects of this transaction, how we arrived at a 'BBB+' rating, key credit risks and strengths, and will compare the airport to peers in Europe and Asia.

View Related Article
ARTICLE Infrastructure

Presale: Mexico City Airport Trust (Fideicomiso 80460)

Fideicomiso 80460 (the Mexico City Airport Trust or the trust) is a financing trust that has the benefit of an assignment of all airport passenger charges (Tarifa de Uso de Aeropuertos, or TUA) generated by Mexico City's existing Aeropuerto Internacional de la Ciudad de México (AICM) airport and future TUA from the city's new airport (NAICM), which is under construction to accommodate growth in de

ARTICLE Utilities

Spanish Solar Project Vela Energy Bonds Assigned 'BBB' Rating; Outlook Stable

Luxembourg-based limited-purpose entity Vela Energy Finance S.A. will issue three fixed-rate, senior classes of notes, pari passu, for a total €404.4 million due in 2036. The proceeds of the issuance will be lent under individual loan agreements to Vela Energy Equityco SL, which will then on-lend them to the 35 operating companies (the ProjectCos).

ARTICLE Power Generation and Transmission

WindMW GmbH Assigned 'BBB-' Rating

We have assigned our 'BBB-' ratings to WindMW's new senior secured dollar- and euro-denominated debt tranches. Blackstone Corp. is project financing WindMW GmbH to operate a 288 MW offshore wind farm in the North Sea. It will sell its power through a feed-in tariff established under German law with TenneT BV Holdings through 2027; this coincides with the end of the initial debt tenor. 

ARTICLE Transportation

Triborough Bridge and Tunnel Authority, New York; Joint Criteria; Toll Roads Bridges

On Oct. 26, 2015, we assigned our 'AA-' rating to the Triborough Bridge and Tunnel Authority (TBTA), N.Y.'s $65 million series 2015B general revenue bonds. At the same time, we assigned our 'AA-' rating to the TBTA's pro forma, $91.5 million, subseries 2008B-3 general revenue bonds, which are being remarketed Nov. 16 (the mandatory tender date).

ARTICLE Power Generation and Transmission

Concentrating Solar Power Project Solaben Luxembourg Assigned 'BBB' Issue Credit Rating; Outlook Stable

On Sept. 30, 2015, we assigned our 'BBB' long-term issue credit rating to the €285 million fixed-rate senior secured bonds due in 2034, and issued by Luxembourg-based LPE Solaben Luxembourg S.A. (the issuer). This rating is in line with the preliminary rating we assigned on July 9, 2015. The outlook on the rating is stable.


Project Finance Ratings Methodology
Corporate Ratings Methodology


Product - RatingsDirect on S&P Capital IQ
Product - Credit Analytics
Product - Credit Assessment Scorecards - S&P Capital IQ


S&P Dow Jones Infrastructure Indices
Benchmarking Listed Infrastructure
Infrastructure Blog Posts



WEBCAST Corporates

Live Webcast and Q&A: S&P Global Ratings Green Bond Evaluation Tool

We would like to invite you to our live audio webcast and Q&A on Tuesday 25th October 2016 at 10:00 a.m. EST / 3:00 p.m. BST / 4:00 p.m. CEST, during which Michael Wilkins, Head of Environmental & Climate Risk Research, Global Infrastructure Ratings, will provide an update on the new tool's development and summarise the feedback received. Also available to answer questions will be co-developers Lydia Harvey, Senior Analyst at Trucost, and Mirsolav Petkov, Director, Financial Institutions, S&P Global Ratings.


Susan Gray Bio


Michela Bariletti Bio
Thomas Jacquot Profile
Pablo Lutereau Bio
Aneesh Prabhu bio
Terry Pratt - bio
Anne Selting Bio
Mike Wilkins Bio


New York Steve Dreyer

Managing Director +1 202 383 2487

London Claude Chaubet

Senior Director +44 207 176 3689

Melbourne Dan Antman

Director +61 3 9631 2145

Buenos Aires Fernanda Cravero

Manager +54 11 4891 2133


London Jon Manley

Global Head, Infrastructure Business Development +44 207 176 3952

London Sandra Pereira

Relationship Management, EMEA +44 207 176 3746

Hong Kong Denis O'Sullivan

Head of Sales, Asia-Pacific +852 2533 3522

New York George Slavin

Sales & Relationship Management - Power and Energy, U.S. +1 212 438 2629

New York Jonathan Usdin

Sales & Relationship Management - U.S. Transport & PPPs, Canada Project Finance and Infrastructure +1 212 438 0154

New York Alberto Jose Santos

Business Development and Relationship Management, Latin America Infrastructure and Project Finance +1 212 438 2329

New York Derrick Hostler

Managing Director, Business Development +1 212 438 1647


+1 212 438 2600


+44 207 176 2600

Middle East & Africa

+971 4 372 7123

Hong Kong & Singapore

+852 2532 8018


+61 2 9255 9826


+86 (10) 65692718


+91 22 22725212


+81 3 4550 8658

South Korea

+82 2 2022 2311


Sales 1-800-PLATTS-8 (+1 800 752 8878)