This addendum to our March 2017 study examines the credit performance of a subset of 2,060 infrastructure-related projects in the study's larger data set of unrated project finance bank loans. We refer to this subset as Broad Infrastructure Project Finance. We further segment this subset to highlight the contrasting performance of projects with availability-based revenues against those exposed to volume (i.e. demand) or price risks.
This methodology describes our approach to rating tax increment debt in the US. While the methodology applies primarily to bonds secured by incremental property tax revenues, it may also be used when rating debt secured by non-property tax-related increment revenues.
BMI View : A return to economic growth and an anticipated easing of international sanctions will lift Russia ' s construction sector out of a multi-year recession in 2017 and lay the foundation for sustained growth over the next five years. Supportive government poli cy, an improving consume r outlook, and the quickening pace of economic activity will drive outperformance in Russia's residential and non-residential building sector over the next five years.
Project and Infrastructure Debt Ratings: The Rating Criteria for Infrastructure and Project Finance (Master Criteria) is used to rate debt where repayment is dependent upon cash flows from the ownership and operation of an infrastructure project or facility, including those with multiple assets in different locations. The borrower or its affiliate (issuer) will own one or more infrastructure assets that constitute a largely fixed portfolio financed by the rated debt.