... and financial obligations of the design-build (DB) contractor, Isolux Corsan LLC, are guaranteed by Corsan-Corviam Construccion S.A. (Corsan Corviam), an experienced construction firm and subsidiary of Grupo Isolux Corsan S.A. (GIC, B+/Stable). The construction security package should ensure project completion in a worst case contractor default scenario. (Completion Risk: Midrange) Sound Revenue Structure: Milestone and availability payments are made by a strong counterparty in Indiana Finance Authority (IFA, or the grantor). Partial payment CPI indexation hedges inflationary operating and lifecycle costs. The payment mechanism is in line with peers; noncompliance event cure periods are reasonable. (Revenue Risk: Stronger) Straightforward Operations: The project company will self-perform most O&M activities, exposing it to O&M and lifecycle cost risk over the project life. O&M works are considered straightforward given the limited...
