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 Infrastructure

Independent Power Producers: The Long And Short Of It

Golf, they say, consists of two altogether different games--the long driving game and the short putting game. A player must master both to succeed. As the power industry goes through the largest fuel-switch in its history, credit drivers in the short and long horizons (in our case, time, not distance) will influence the economic viability of independent power producers (IPP).


ARTICLE Utilities

Premiums For U.K. Regulated Utility Assets Are Riding High, But What Are The Means For Payback?

U.K. regulated utility assets are achieving high premiums, reflecting their scarcity and attractiveness to traditional pension fund and infrastructure investors.Given that high valuations suggest increasing acquisition-related debt leverage, we anticipate buyers will seek more complex financing solutions which provide ratings uplift or ring-fence the operating company.

ARTICLE Infrastructure

Power Market Update: Demand Forecast And The Demand Curve Reset Process Dominate Capacity Price Outlook For New York City

Tucked in the intersection of William, Broad, and Beaver Streets at the southern end of Manhattan is the famous Delmonico's Restaurant. It was here on a fall evening in 1880 that Thomas Alva Edison met with John Pierpont Morgan to discuss the financing of a power plant based on low voltage direct current.


ARTICLE Infrastructure

Bundling: A Growing Trend As Stakeholders Look To Unlock The Potential Of The Infrastructure Asset Class

In the ongoing debate over the need for global infrastructure investment, the focus generally falls on the financing gap and the hundreds of billions of dollars that need to be deployed to fill it. But while huge--often unfathomable--numbers make for great headlines, this big-picture discourse often falls short of discussing practical, real-world approaches to the problem.


ARTICLE Infrastructure

New Recommendations For Climate Risk Disclosure Follow A Positive Outcome At Marrakech

The recommendations are the result of a year's worth of work by the Task Force on Climate-Related Financial Disclosures (TCFD), created by the Financial Stability Board (FSB) to develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders.

ARTICLE Infrastructure

Japan's Full Liberalization Of Retail Electricity Will Dim Credit Quality And Only Slowly Amp Up Europe-Style Competition

Competition between electric power companies (EPCOs) and new entrants to Japan's freshly liberalized retail electricity market will not increase much outside major cities, and electricity rates are unlikely to decline significantly in the next one to two years, according to S&P Global Ratings.


ARTICLE Corporates

Updated Proposal For A Green Bond Evaluation

On Sept. 2, 2016, S&P Global Ratings proposed a Green Bond Evaluation Tool that would provide a second opinion, plus a relative green impact score on capital market instruments targeted at financing environmentally beneficial projects. The Green Bond Evaluation is not a credit rating. The proposed framework evaluates the governance and transparency of the bond and provides an analysis of the envir

Green+Finance+Scaling+Up+To+Meet+The+Climate+Challenge+Cover ARTICLE Corporates

Green Finance: Scaling Up To Meet The Climate Challenge

S&P Global ‎today launched its sustainable investment report 'Green Finance: Scaling Up To Meet The Climate Challenge' at the UN Climate Change summit in Marrakech . The report, a collaborative effort between S&P Global Ratings and S&P Dow Jones Indices, provides essential insights into the fast growing green bond market, sustainability indices as well as showcasing our new product proposals to he

ARTICLE Infrastructure

Climate Finance A Year After Paris: Driving Politics Into Action

A lot has happened since Dec. 12, 2015, when the Paris Agreement was adopted by consensus of the 195 countries present at the United Nations Framework Convention on Climate Change 21st Conference of the Parties (COP21)--and more than what might have been expected. For starters, the agreement smoothly slid into force on Nov. 4, in record time for a document of this significance.

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

OPEC Might Have Blinked First But Will It Mean A Sustained Oil Price Recovery?

In the battle for global oil market share, it looks like OPEC might have blinked first. On Sept. 26-28, 2016, several OPEC members held an informal meeting in Algiers ahead of the official meeting in Vienna scheduled for late November. The members subsequently announced a preliminary deal that could possibly cut oil production to 32.5 million barrels of oil equivalent per day (boe/d) from the curr

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 Infrastructure

Cost Sharing May Shield Australia's Ports And Rail Networks From A Shipper Default

Cost-sharing mechanisms don't offer full protection for Australia's ports and rail networks should a shipper default, S&P Global Ratings said in a Credit FAQ published today titled, "Cost Sharing May Provide A Safe Harbor For Australia's Ports And Rail Networks". The strengths and weaknesses of cost-sharing mechanisms for ports and rail networks serving Australia's coal industry are pertinent issu

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


How Does S&P Incorporate Petrobras' Divestment Plan In The Ratings?

Petroleo Brasileiro S.A. - Petrobras (Petrobras: global scale: B+/Negative/--; national scale: brBBB-/Negative/--) is in the midst of a significant divestment plan whose execution has been slower than expected mainly as a result of low oil prices and a higher scrutiny on the company and Brazil in general. Nevertheless, the pace of asset sales has recently gained some momentum, which could help the

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.


ARTICLE Infrastructure

Plenary Health Finance Co. Pty Ltd.'s Senior Secured Debt Assigned 'A' Rating; Outlook Stable

Plenary Health Finance is the financing vehicle of the Victorian Comprehensive Cancer Centre PPP project in the Australian State of Victoria. Plenary Health Finance has completed refinancing its existing debt by raising about A$978 million in senior secured debt, which it will repay using cash flows from the state for the availability of services at the center.


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.

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.


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WEBCAST Corporates

Webcast Materials: S&P Global Ratings Green Bond Evaluation Tool

On Tuesday 25th October 2016, Michael Wilkins, Head of Environmental & Climate Risk Research, Global Infrastructure Ratings provided an update on the new tool's development and summarised the feedback received. Also presenting and answering questions were co-developers Lydia Harvey, Senior Analyst at Trucost, and Mirsolav Petkov, Director, Financial Institutions, S&P Global Ratings.


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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

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London Jon Manley

Global Head, Infrastructure Business Development +44 207 176 3952

London Sandra Pereira

Relationship Management, EMEA +44 207 176 3746

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Relationship Management, EMEA +33 1 4020 2528

Singapore Dongsheng Hong

Relationship Management, Asia-Pacific +65 6239 6317

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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

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

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