...Application of Criteria: This report outlines the criteria that apply to the rating of debt issued to finance availability-based infrastructure projects. The revenue streams for such projects are primarily underpinned by payments from a grantor, usually a public sector authority, and are based on the availability of project facilities to be used as specified in the contract. The report explains how Fitch Ratings tailors its general project-finance rating approach to rate availability-based projects. It should be read in conjunction with the agency's global master criteria report, Rating Criteria for Infrastructure and Project Finance, 28 September 2015. Long-Term Concessions: Projects covered are usually procured as long-term concessions, under which the single-purpose project company (issuer) will be charged with the design, build, finance, operation and maintenance of one or more project facilities over the concession period. Sectors Covered by Criteria: Typical infrastructure sectors...
