Credit Rating Toll Roads: Recent Trends and New Developments

Credit Rating Toll Roads: Recent Trends and New Developments


M Wilkins, Infrastructure Finance Ratings, Standard & Poor's;



This presentation is designed to bring conference delegates up-to-date with developments in the toll road and shadow toll road sectors ? specifically from the perspective of a leading credit ratings agency.

Evolving legislative frameworks, new financing structures, tightened contractual obligations and pressing infrastructure demands are but a few of the factors driving change within the industry, and credit assessment methodologies continue to evolve in response ? although perhaps not in ways that are immediately obvious to all.

Under the PPP banner, a number of countries are currently rolling-out ambitious plans for new build and maintenance programmes. Some important project finance lessons have been learned over the last decade, and a number of these programmes are stronger or better focused as a result. Perhaps more than ever before, however, investors are looking to credit rating agencies such as Standard & Poor?s tofill an important information gap as it becomes increasingly challenging to track project performance and monitor sector trends.


Association for European Transport