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RPT-Fitch updates rating criteria for availability-based projects
June 18, 2013 / 11:13 AM / 5 years ago

RPT-Fitch updates rating criteria for availability-based projects

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June 18 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has published an update of its ‘Rating Criteria for Availability-Based Projects’. The updated report replaces the existing criteria published June 19, 2012 without modifying Fitch’s analytical approach. No changes to the ratings of existing transactions are anticipated as a result of the application of the updated rating criteria.

The report describes the analytical framework that Fitch applies to evaluate debt issued for a broad range of availability-based projects including ssocial, infrastructure and government which comprises schools, hospitals, prisons, public housing, libraries, courts and government office buildings as well as transportation which comprises road, mass transit, street lighting and rail projects. The revenue streams for such projects are underpinned by payments from a grantor, usually a public sector authority, relating to the availability of project facilities and ancillary facility management (FM) services.

The updated criteria report also provides a summary of the broad attributes that support the ratings for availability-based projects. It highlights six key risk factors Fitch evaluates when rating debt issued for such assets including:

--Completion Risk

--Operation Risk

--Revenue Risk

--Infrastructure Development & Renewal

--Debt Structure

--Debt Service

Link to Fitch Ratings’ Report: Rating Criteria for Availability-Based Projects


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