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Announcement:

Moody's: Key to Asian infrastructure development lies in multi-pronged financing

04 May 2017

Singapore, May 04, 2017 -- Moody's Investors Service says that a multi-pronged financing approach is key to enhancing infrastructure development in Asia.

"In terms of debt funding, a multi-pronged approach that combines bank loans with institutional debt capital will help raise private sector debt capacity," says Terry Fanous, Moody's Managing Director for Project & Infrastructure Finance in Asia Pacific.

"The role of governments and the multilateral development banks is key to catalyzing institutional investment by helping infrastructure projects become more investable," says Ray Tay, a Moody's Vice President and Senior Credit Officer. "Specifically, credit enhancement by multilateral development banks will help address different credit risks — such as political risk and the risk of cost overruns — that could otherwise constrain a project's credit quality," adds Tay

Moody's points out that other efforts by multilateral development banks and organizations such as the Global Infrastructure Hub in standardizing documentation and establishing a project pipeline tracker will enhance investor confidence in the infrastructure sector.

Multilateral development banks are also optimizing balance sheets, which can help drive more credit enhancement for projects.

Moody's analysis is contained in its just-released report titled "Infrastructure — Asia: Multi-pronged Financing Key to Enhancing Infrastructure Development," and is authored by Tay.

Moody's report explains that Asia's infrastructure needs will drive innovation in long-term funding from the capital markets, as the infrastructure sector becomes more familiar to a wider range of investors.

Estimates from the Asian Development Bank show that Asia will need to invest approximately $1.7 trillion a year in infrastructure from 2016-2030; representing 5.9% of the region's projected gross domestic product. Moody's points out that such a large investment will require diverse funding sources to supplement government expenditure.

Moreover, refinancing needs for infrastructure debt in the Asia Pacific region are substantial. Moody's estimates that about $750 billion in infrastructure debt will be due for refinancing over the next five years (2017-2021) for key countries in the region. Of the maturing debt, around one third represents corporate or project financed bank lending.

Moody's points out that the infrastructure sector has attributes which are suited to institutional investors' strategic objectives, such as offering investment opportunities with long asset lives that match their long-dated liabilities. The increased deployment of institutional debt capital to the infrastructure sector will increase funding diversity, and also likely improve portfolio diversification for institutional investors.

In fact, the increased focus on the infrastructure sector by institutional investors is already apparent, with strong demand for bond issuance by state-owned infrastructure companies.

Moody's expects a gradual increase in the use of bonds to refinance the bank loans associated with operating projects and brownfield expansion projects. Moody's also identifies credit enhanced greenfield structures as next to evolve in attracting institutional investors, and expects that in the longer term, institutional investors will develop further expertise and familiarity with the asset class to fund greenfield projects.

Subscribers can access the report at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1059827.

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, 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.

Ray Tay
VP - Senior Credit Officer
Project & Infrastructure Finance
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Terry Fanous
MD-Public Proj & Infstr Fin
Project & Infrastructure Finance
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

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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