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Walter Winrow
Managing Director - Global Project and Infrastructure Finance

Jim Hempstead
Managing Director - Utilities

Michael Mulvaney
Managing Director - Project Finance

Douglas Segars
Managing Director – Project and Infrastructure Finance

Andrew Davison
Senior Vice President

Terry Fanous
Managing Director – Project and Infrastructure Finance


Infrastructure & Project Finance

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Moody's Global Infrastructure Finance Group combines the expertise of a global team of analysts with extensive backgrounds in Public Finance, Corporate Finance, and Structured Finance to rate debt issued by both public and private infrastructure and project finance issuers and electric, gas and water utilities. This includes project finance entities that are limited to a special purpose by law, regulation, or contracts; infrastructure projects and enterprises financed in the U.S. tax-exempt market; and all corporate infrastructure and utility companies. Our approach allows market participants to benefit from a globally consistent and transparent methodological approach to assessing credit risk across the entire asset class.


  • 8 Nov 2018
    • Outlook for unregulated US power sector improves to stable while regulated utilities remain negative
      Stabilizing power prices and tightening energy markets lift the outlook for unregulated US power back to stable for 2019. For regulated utilities, increasing debt to fund capital spending, as well as stalled cash flow growth in the wake of federal tax reform, will continue to depress industry financial metrics. Full Report l Full Report
  • 2 Nov 2018
    • European airports 2019 outlook changed to stable
      Slower passenger growth on the back of higher oil prices, airline industry consolidation and renewed demand among holidaymakers for destinations such as Turkey and Egypt, prompted Moody’s to change the 2019 outlook on Europe’s airport sector to stable from positive. Full Report
    • Stable outlook for Europe’s toll road sector into 2019
      Economic stability across much of Europe will drive steady traffic growth and underpin the stable outlook on the European toll road sector into 2019. Revenues will grow 3%-5% in 2018 and 2%-4% in 2019, underpinned by the continued rise in vehicle numbers and marginally higher toll levels. Full Report
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