The Changing Credit Landscape for European Toll Roads
R Bain, Standard & Poor's, UK
The European toll road sector is changing and, arguably, is becoming more challenging in terms of credit assessment. These changes include an increased interest in toll facility development in Central and Eastern Europe, the adoption of innovative pricing policies, new toll collection technologies, a move from interurban to urban toll roads and the introduction of a host of government support mechanisms designed to attract private investors.
Against this backdrop, an increasing number of toll road operators are making use of the capital markets to finance construction of their facilities, or for re-financing purposes, or for funding project extensions and so forth.
This presentation reviews the current state of the European toll road sector from the perspective of a credit rating agency, highlights key credit issues and looks forward to the challenges facing the financing of tomorrow?s toll road industry.
Association for European Transport