...Availability Payment (A/P) Criteria Updated: Fitch Ratings issued an "Exposure Draft: Rating Criteria for Availability Based Projects" on 17 June 2015. It included key changes in our approach to rating projects: a focus on cost risk with a cost-risk score for each project; identification of a Realistic Outside Cost (ROC) estimate identified with the Technical Advisor (TA) and used to develop Fitch's rating case; and sliding scale debt service coverage ratios (DSCR) requirements, based on the project's exposure to cost risk, to achieve various rating levels. Exposure Draft Responses: Fitch received one written submission with comments on the Exposure Draft. Fitch also received verbal feedback from two other market participants. All three respondents requested confidentiality. Respondents included two project equity sponsors and one financial advisor. Emphasis on Cost Risk: All three respondents agreed with Fitch's added emphasis on cost risk given the tight coverage ratios and the long length...
