...Application of Criteria: This criteria report applies to a broad range of thermal power projects including greenfield or existing, gas-fired or coal-fired, individual or portfolio, and fully contracted or merchant projects. These projects are financed as stand-alone assets (or portfolios) with no formal guarantee of debt service from the sponsors (nonrecourse). Repayment is dependent on the cash flows from construction, operation, and, in some cases, hand over of projects. These rating criteria are intended for global application. Ratings under these criteria are issue ratings and take into account the timeliness of payment, the instrument's terms, and do not incorporate recovery prospects given a default. Global Criteria: This report should be read in conjunction with the Rating Criteria for Infrastructure and Project Finance (the Master Criteria) published July 11, 2012, which is available at www.fitchratings.com. This report highlights how Fitch Ratings tailors its general project finance...
