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P3s Can Fund Higher Ed Projects While Preserving Balance Sheets

Public private partnerships (P3s) can help fill infrastructure funding gaps for colleges and universities, says Fitch Ratings. In the face of flat or reduced state funding, public universities in particular will need to find other sources of funding to address aging infrastructure and ongoing capital needs.

No Cali Blackout Near-Term Effect on Infrastructure, Municipals

Blackouts in California as a precaution against conditions conducive to wildfires do not have an immediate effect on infrastructure or municipal credit.

Growth Likely to Level Off for U.S. Transportation

Growth prospects remain healthy for all three major U.S. transportation segments heading into next year, though the trajectory figures to level off somewhat according to Fitch Ratings in its latest annual report.

Fitch Ratings Launches ESG Heat Map for Public Finance/Infrastructure

Fitch Ratings has launched an ESG 'heat map' for Public Finance/Infrastructure to provide further insight into the relevance of ESG factors to credit ratings. The map is designed to help users understand how relevant individual ESG topics are to credit ratings for different sub-sectors across Global Public Finance, Infrastructure and Project Finance issuers.

Special Report

U.S. Fiscal Weakening Could Hit Public Finance, Financial Credits

Low borrowing costs have helped to temper political concerns over rising federal deficits and debt in recent years. However, Fitch Ratings believes that public finances could emerge as a greater issue for U.S. policymakers if borrowing costs rise or if the deficit increases sharply during a future downturn.

Full ReportThe Coming Storm: Effects of U.S. Fiscal Deterioration on Key Sectors

Pre-Recession Peak Enplanements Not Just for Large U.S. Airports Anymore

Enplanement levels for U.S. airports are now at their highest in over a decade, though the improvement is more striking for smaller hubs that had tougher hills to climb following the recession according to Fitch Ratings in a new report. Still unknown however, is if this improvement is sustainable for smaller airports in the longer term.

Toll Road Traffic Recovery Paths Diverge for Portugal and Italy

Italian recovery lags behind and its toll roads traffic is still 2% below the 2007 levels, even though it had a milder trough of about 10%.

Great Hall Termination Will Not Hit DIA or Project's Rating

The announced termination of the Great Hall public-private partnership terminal redevelopment project at Denver International Airport (DIA) will not adversely affect either the airport's ratings or those tied to the project itself, according to Fitch Ratings.

SNC Pulling out of PPPs Symptom of Completion Risk Challenges

The recent decision by SNC-Lavalin (SNC) to withdraw from bidding on a number of high-profile Public-Private Partnership projects (PPP or P3) highlights Fitch Ratings' view that the market for PPPs has become increasingly competitive and that project completion is one of the most significant risks to a project. 

Webinar on Demand

ESG Relevance Scores - Webinar and What Investors Want to Know

Fitch has just published a "What Investors Want to Know" report about our ESG scores and methodologies based on questions received from investors. Please click the link below to watch our on-demand webinar on our ESG methodology in US Public Finance, and Infrastructure and Project Finance.  Listen Now

Lower Renewable Capital Costs to Spur EU-US Deployment Race

Falling capital costs have made renewables competitive with other energy sources and should accelerate the pace of renewable adoption in both the EU and US. The EU has one of the world's highest shares of non-hydro renewables in its electricity generation mix, twice as high as the US's. The EU's consistent regulatory drive to grow renewable energy and the cheap and abundant natural gas in the US that competes with renewables are the main factors behind the different penetration.

Plenary Roads Denver Has Flexibility to Withstand US 36 Slope Failure

Fitch Ratings continues to monitor a slope failure on part of US 36 that is expected to cause a temporary decline in traffic and toll revenues for Plenary Roads Denver (PRD). Phase 1 of US 36, which includes the damaged portion, was constructed by an Ames/Granite joint venture under a separate design-build contract with the Colorado Department of Transportation (CDOT), not by PRD. 

Fitch Rates Sirius Minerals' HY Notes 'B(EXP)'; Outlook Stable

Fitch Ratings has assigned Sirius Minerals Plc's proposed USD500 million high yield bond issue an expected rating of 'B(EXP)' with a Stable Outlook The final rating is contingent on the receipt of final documents materially conforming to information already received. The expected rating reflects the mining project's complex and large-scale construction works, the lack of fixed-price date-certain construction contracts and a reliance on key contractors due to the application of bespoke technology. 

APAC Ports' Tight Rating Range Show Qualitative Factors Are Key

The ports in the Asia-Pacific rated by Fitch Ratings carry ratings of either 'BBB-' or 'BBB', but their leverage varies greatly from 2.9x to 10.2x, underscoring the importance of qualitative factors in assigning the ratings.

Unique Feature Helps "Trap" Risk for Canadian PPPs

Canadian public private partnerships (PPPs) are susceptible to cost overruns like other PPPs throughout the world, though a new Fitch Ratings report cites a unique feature commonly seen in Canadian projects that protects lenders by helping to offset some of that risk.


Alternative Infrastructure Assets, what are they and how do we rate them?


We recently published a special report explaining what Alternative Infrastructure Assets (“A-I-A”) are and how we rate them using Key Ratings Drivers and relevant metrics typically consistent with our master criteria for Infrastructure and Project Finance.


Please join us on the webinar to hear more about our approach to this sector


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Declining Costs and Increased Demand Set Solar-Plus-Storage Up for Expansion

Solar-plus-storage projects appear poised for a dramatic expansion against a backdrop of rapidly declining battery costs and an increasing need for grid management solutions as renewables become ubiquitous in the dispatch stack

3D Printing May Disrupt Ports and Reduce US Imports from China

3DP could reduce global trade, including reducing US imports from China by 10%-25%. Short- and medium-term risks are limited due to a still emerging technology uptake.

U.S. Managed Lanes Speeding Past Projections

Performance is exceeding projections for eight managed lanes that are currently up and running, according to Fitch Ratings in its latest peer review for U.S. managed lane projects.

LAUSD Proposes Improved FY 2020 Budget Despite Parcel Tax Measure Failure

Despite the Los Angeles Unified School District's failure last week to win voter approval for a parcel tax, the district is anticipating stronger financial results for fiscal years 2020 to 2022 than previously projected

Unique Infrastructure Traits Key to Our Alternative Infra Approach

The Alternative Infrastructure Assets (A-I-A) approach is warranted when assets or activities show certain attributes associated with infrastructure assets, such as a type of service or a demand profile, as well as similar financing methods

Webinar on Demand

Evaluating KCI’s Airport Modernization Program

Kansas City International Airport’s obligation bonds ‘A’, outlook stable. Fitch will discuss the key risks it evaluated in its analysis of KCI’s nearly $1 billion debt issuance.

Scott Zuchorski – Senior Director, Global Infrastructure and Project Finance

Seth Lehman – Senior Director, Global Infrastructure and Project Finance

Jeffrey Lack – Director, Global Infrastructure and Project Finance


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ESG Relevance Scores for US Public Finance, and Infrastructure and Project Finance

Now Available On-Demand

Environmental, Social and Governance (ESG) factors are increasingly important for investment decisions, which is why Fitch has introduced ESG relevance scores to show relevance and materiality of ESG to ratings.



Laura Porter Managing Director, US Public Finance (Moderator)

Andrew Steel Managing Director, Sustainable Finance

Sara AnzingerDirector, Sustainable Finance

Michael RinaldiSenior Director, US Public Finance

Scott Zuchorski – Managing Director, US Infrastructure and Project Finance

Glaucia Calp – Managing Director, LATAM Infrastructure and Project Finance

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Rental Car Demand at Some U.S. Airports Losing Steam

The advent of driverless cars and mobile technology is sapping some demand for rental car facilities at some U.S. airports of late, which according to Fitch Ratings, will make a deeper dive into credit risks for these facilities more imperative over time.

What Investors Want to Know: Global Performance of Renewables (Questions from Roundtable Webcast)

In January 2019, Fitch Ratings published a special report, "Global Renewables Performance Review", which summarized the key takeaways from more than a decade of experience in rating and monitoring operational wind and solar projects across the globe.

Weak Enforcement of UEFA Fair Play Limits Positive Impact

The weak enforcement of the Union of European Football Associations' (UEFA) Financial Fair Play rules limits their positive effects, Fitch Ratings says. However, they are mildly credit positive in the long term as they should encourage all clubs to be more financially stable.

why forum

The Infrastructure Footrace: Why Australia is Way Ahead

Many governments around the world tout their infrastructure credentials, promoting their plans to increase spending but the degree of success is mixed, writes David Cook, Director, Global Infrastructure at Fitch Ratings. So what’s driving the ongoing robust investment in the Australian infrastructure sector?

Introducing ESG Relevance Scores for Public Finance and Infrastructure

ESG factors generally have a low level of direct impact on public finance and infrastructure credit ratings. However, governance is the most influential ESG risk factor across the overall ratings portfolio. This was driven by public finance issuers, which is not surprising given that factors such as political stability, creditor rights, financial transparency, governance structure, government independence and control of corruption are important considerations in our credit rating process. 

DownloadOur ESG Relevance Scores
Watch VideoIntroducing ESG Relevance Scores - An Update for Public Finance and Infrastructure

US Infrastructure Needs Federal Funding Commitment

Any US federal government plan for renewing infrastructure will need to provide for consistent, continued federal funding and more diverse funding sources to fully address the infrastructure deficit.

US Ports' Revenues Insulated from US-China Tariffs

Increased tariffs on bilateral US-China goods trade may result in decreased traffic at certain US ports. However, revenues are not likely to be similarly affected in the medium term given the landlord-based operating model at many of the more exposed west coast ports in which contractual minimums provide a floor for revenues should volume declines worsen.

From Defying Expectations to a Future of 'Required Reinvention' for Sports

Sports have proven to be a very stable discretionary asset over the last 10 years thanks largely to robust fan bases, corporate support and long-term media contracts. Demand for sports are expected to remain high across the world over the next decade. However, some sports may experience declining support from today's fans and corporations as interests change and competition from other sports and entertainment grows.

Webinar On Demand

What Investors Want to Know: UK Contract for Difference Scheme and Offshore Wind

Fitch’s recently assessed the risk of a major UK off-shore wind project where the revenue supported by a Contract for Difference (“CfD”) mechanism.  We have prepared a brief audio summary that discusses the key points of this mechanism.

Listen on Demand

UK Transport Infrastructure Could Manage Short-Term No-Deal Disruption

Rated UK transport infrastructure issuers are generally well placed to weather short-term disruption in traffic and trade flows in the event of a "no-deal" Brexit, Fitch Ratings says, thanks to their robust liquidity positions and financial flexibility.


Audio Summary: 5 minute listen
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UK Pub and Leisure WBS Vulnerable to No-Deal Brexit

UK pub and leisure issuers are vulnerable among whole business securitisations to a no-deal Brexit due to revenue and cost pressures. 

Audio Summary: 5 minute listen
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Ten Years in Ports

Fitch will host two webinars to discuss how ports have performed over the past decade, how this may change in the coming decade, and what challenges the sector faces going forward. While both will touch on global trends, one webinar will focus on the Americas, while the other will focus on EMEA and the Asia-Pacific region.

Now Available On-Demand

Emma Griffith Senior Director, Global Infrastructure Ratings
Isabella MagalhaesAssociate Director, Global Infrastructure Ratings

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Now Available On-Demand

Giulia NoliDirector, Global Infrastructure Ratings
Ian DixonManaging Director, Global Infrastructure Ratings

Listen Now

Congestion Pricing Will Provide Reliable Revenue to MTA

 Planned congestion pricing in New York City (NYC) will provide a reliable funding source for Metropolitan Transportation Authority (MTA) capital improvements but how significant the revenue source will be depends upon the toll policy instituted

The WhyForum

Why U.S. Infrastructure Needs More Impactful Money, Not Just More of It

President Trump, the Speaker of the House and the Minority Leader of the US Senate are on the right track in seeking a $2 trillion dollar down payment on US infrastructure. But there are key issues at play here in spending money wisely given the decades-old problem. 

Middle East in Ambitious Drive for Renewables Generation

Several governments in the Middle East have set ambitious targets for the development of renewable energy, which will give rise to large capital requirements in the region. The sovereign rating may be a critical factor in our assessment of credit strength of renewable projects due to the government-related entity status of many off-takers or entire projects. 

Fitch Special Repot on the Thames Tideway Tunnel Project

The ‘BBB+’ ratings reflect the substantial protection afforded to Thames Tideway Tunnel from the UK government against completion and funding risks during the construction period and a supportive, transparent, and largely proven regulatory regime. The ratings also reflect the experience of the parties involved in the project's construction.

Latin American Toll Roads Mainly Differ on Traffic, Debt Structure and Metrics

"Patterns of ratings differentiation based in traffic, debt and coverage are common globally. In some cases, ratings are also constrained by risks related to construction/ramp-up phases or by linkage to sovereign," said Fitch analysts. 

Revenue Stability, Capex Drive Asia-Pacific Ports' Ratings

Revenue stability, due to strong volume or price attributes, and resilience is underpinned by each port's importance to the economy and the strength of its catchment area, along with its competitive position. 

Precedents Favor Pennsylvania Turnpike Commission in $6 Billion Truckers' Lawsuit

Precedents of similar lawsuits indicate that the $6 billion lawsuit filed by commercial truckers is unlikely to have a material adverse effect on the Pennsylvania Turnpike. The practice of transferring a portion of tolls for the benefit of transit and other transportation-related purposes are both widespread and long-standing. 

Webinar on Demand

Fitch Global Renewables Performance Review

Join us as senior analysts from Fitch's North American, Latin American, and European teams discuss noteworthy trends and regional differences within Fitch’s portfolio of credit ratings on about 60 wind and solar renewable projects spanning 11 countries. Topics include global trends in resource performance, differences in revenue/incentive mechanisms, and drivers of upgrades and downgrades. 

Andrew Joynt – Director, North America Energy Infrastructure and Project Finance
Jelena Babajeva, CFA – Senior Director, EMEA Energy Infrastructure and Project Finance
Marta Veloso – Senior Director, LATAM Energy Infrastructure and Project Finance

Listen Now

Port Growth to Level Off Over Next Decade

Global port throughput has shown resilience over the last 10 years with throughput growth outpacing economic growth rates despite volatility through the last recession. Containerization of cargo and increasing vessel sizes coupled with supporting infrastructure at ports have all contributed to these trends. 

Renewable Energy Project Rating Criteria; Extends to Hydropower

Fitch Ratings has updated its "Renewable Energy Project Rating Criteria" and extended it to cover hydropower projects. Fitch's approach to rating hydropower projects is similar to other renewable energy projects and considers the key rating drivers such as Completion Risk, Revenue Risk - Price, Revenue Risk - Volume, Operation Risk, Debt Structure and Financial Metrics.

Fitch Named Best Rating Agency in APAC in Record 5 Categories

Fitch has won the Credit Rating Agency of the Year (2018) awards for the corporate, investment-grade, public-finance, project-finance and sovereign categories. It is the agency's first award for the investment-grade category, and the fourth consecutive win for public finance.

EMEA Toll Roads – 2018 Peer Review

Listen to our latest on demand webinar, EMEA Toll Roads - 2018 Peer Review, available now, on demand. The presentation focuses on a review of Sovereign developments and M&A activity that drove the changes in EMEA toll roads’ ratings and outlooks in 2018 as well as touching on key differentiating factors that drive the ratings and explains the differences in Fitch Ratings’ EMEA toll roads peer group: traffic volatility, debt structure and leverage over the remaining concession life.



Daniel Champeau

Analytical Group Head

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Cherian George

Global Sector Head

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Ann Flynn

Business Group Head

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Sajal Kishore


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Ian Dixon


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North America

Scott Zuchorski

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North America

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