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Walter Winrow
Managing Director - Global Project and Infrastructure Finance
Walter.Winrow@moodys.com

William Hunter
Senior Credit Officer
William.Hunter@moodys.com

Americas
William L. Hess
Managing Director - Utilities
William.Hess@moodys.com

Chee Mee Hu
Managing Director - Project Finance
CheeMee.Hu@moodys.com

EMEA
Monica Merli
Managing Director - Infrastructure Finance
Monica.Merli@moodys.com

Andrew Davison
Senior Vice President
Andrew.Davison@moodys.com

Asia-Pacific
Terry Fanous
Associate Managing Director
Terry.Fanous@moodys.com

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.

Highlights

  • 26 Mar 2015
    • Anglian Water Services well placed to meet the challenges of regulator’s price controls
      In its final determination setting investment plans and price limits, Ofwat cut the allowed weighted average cost of capital (WACC) to 3.74% from 3.85% at the draft determination stage, compared with 5.1% in the current period. Anglian Water’s track record of solid operational performance, coupled with a final determination broadly in line with its business plan assumptions, provides scope for outperformance on expenditure targets, mitigating the negative credit implications of a lower return. We expect that overall regulatory developments will be neutral over the next five years...Full Report
    • Regulator’s price controls reduce Thames Water Utilities’ risk from Tideway project
      Ofwat’s final tariff decision includes a separate expenditure allowance for Thames Water‘s investments in the Thames Tideway Tunnel (TTT) project over the next five-year regulatory period 2015-2020 as well as a mechanism to apply for an interim tariff reset should certain aspects of the project be delayed, causing Thames Water to incur additional costs. This is a credit positive development for Thames Water. Ofwat set total expenditure for Thames Water over AMP6 at GBP7.6 billion (in 2012/13 prices), higher than the company’s business plan, which provides scope for outperforming regulatory cost allowances, and also creates a cost buffer for any costs not covered by the TTT specific uncertainty mechanism...Full Report
  • 17 Mar 2015
    • Drivers of PREPA's Caa3 rating
      PREPA's (Caa3 negative) rating reflects a myriad of uncertainties involving the Puerto Rico electric utility. Weighed by an expectation of default within a few months, PREPA is currently operating under a forbearance agreement. The rating and outlook also incorporate risks associated with the evolving restructuring plan and the implementation of its multi-year fuel conversion plan. And, while the recent decline in oil prices should reduce working capital requirements, PREPA itself does not currently benefit as it passes the savings to customers via lower electricity prices…Full Report
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