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 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

The Supreme Court Stay Of The Clean Power Plan Adds Uncertainty But Has No Immediate Rating Impact

The U.S. Supreme Court has temporarily halted the Environmental Protection Agency's (EPA) implementation of the Clean Power Plan (CPP) while an appeals court considers various challenges to the plan. We don't expect the temporary stay to result in any rating action on companies in the power industry. We had anticipated challenges to the CPP and considered them in our analysis at both the draft and

ARTICLE International Public Finance

To Pay For Its Big Infrastructure Bill, The Gulf May Have To Look At Innovative Forms Of Finance

Falling revenues from commodity exports and a reduction in growth in deposits at banks in the Gulf will constrain the amount of funding available to support the region's substantial infrastructure bill in the coming years. We estimate that Gulf sovereigns' capital spending overall over the next four years will be $480 billion, of which we estimate that about 60%-70% of capital spending will go to


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 Infrastructure

Various Port Authority of New York & New Jersey Consolidated Bonds Assigned 'AA-' Rating

On Oct. 6, 2015, we assigned our 'AA-' rating and stable outlook to the Port Authority of New York & New Jersey's (PANYNJ) $500 million 192nd series, $307 million 193rd series, and $1.2 billion 194th series consolidated bonds. The outlook is stable. At the same time, we affirmed our ratings on the PANYNJ's existing debt.

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.

ARTICLE Transportation

Chicago O'Hare International Airport

On Sep. 30, 2015, we raised our underlying rating (SPUR) on the City of Chicago, Ill.'s general airport revenue bonds (GARBs) issued for Chicago O’Hare International Airport (ORD) to 'A' from 'A-' and raised the long-term rating on Chicago's stand-alone passenger facility charge (PFC) revenue bonds outstanding issued for ORD to 'A' from 'A-.' The outlook is stable.


Project Finance Ratings Methodology
Project Finance Ratings Criteria Reference Guide
Corporate Ratings Methodology


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


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


ARTICLE Infrastructure

Asia Index Private Limited Launches S&P BSE India Infrastructure Index

Due to growing demand from clients and investors for a highly transparent and diversified infrastructure index, Asia Index Private Limited has launched the S&P BSE India Infrastructure Index. The Index measures the performance of the leading 30 companies from the energy, transportation, non-banking financial institutions, telecommunications, and utilities sectors.



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