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Announcement:

Moody's: 2018 outlook for EMEA public private partnerships stable on robust operating performance, resilience to demand risk

01 Dec 2017

London, 01 December 2017 -- Predictable, contract-related cash flows; the resilience of project structures to external events (i.e., demand risk); and the relative creditworthiness of offtakers compared to project ratings all underpin the stable outlook on the EMEA private finance initiative/public-private partnership (PFI/PPP) sector in 2018, says Moody's Investors Service in a recently published report.

Moody's report, titled "Public-Private Partnerships (PPP) -- EMEA: 2018 outlook stable reflecting satisfactory operating performance", is available on www.moodys.com. Moody's subscribers can access this report via the link provided at the end of this press release.

"The majority of our rated PPP issuers are demonstrating strong operating performance as illustrated by low levels of financial deductions," says Kunal Govindia, a Moody's Assistant Vice President and author of the report.

The majority of the projects among the 49 EMEA PPPs in Moody's portfolio are rated in the A range. Three PPPs are rated sub-investment grade due to project specific issues. The remainder are rated in the Baa range. 39 of the rated projects are in the operational phase, six in the construction phase and four transitioning to a steady-state operational phase having recently completed construction.

Most Moody's rated PPPs are UK PFI issuers. Within the UK PFI sector there has been a recent focus on building fire protection compliance. Companies have generally managed this issue appropriately, and the majority of Moody's rated UK issuers don't face significant risk associated with fire protection. In addition, rated issuers have conduced initial assessments of building cladding following the Grenfell Tower disaster in London on 14 June 2017. No rated issuers have reported that significant additional works are required following these preliminary reviews.

Another UK PFI sector-wide issue has been the recent statement by the Shadow Chancellor suggesting that a future Labour government could return UK PFI assets to the public sector. Whilst precise details about the policy have not been announced, PFI contractual arrangements protect debtholders through the compensation on termination provisions.

Subscribers can access the report via this link http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1097426

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: London +44-20-7772-5456, New York +1-212-553-0376, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Kunal Govindia
Asst Vice President - Analyst
Infrastructure Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Kevin Maddick
Associate Managing Director
Infrastructure Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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