...This report examines how PF structures create specific analytical considerations for corporate ratings. It builds on prior reports in the series, which considered the evolution of infrastructure assets and financing structures, the growing role of private credit, and the blurring boundaries between PF, corporate credit, and structured finance. Corporates across sectors are increasingly using PF structuring techniques to fund capital- intensive infrastructure expansions, often alongside private capital from insurers, pension funds, and credit funds. These structures offer access to long-duration capital pools but also introduce financing complexity and analytical considerations that reported financial metrics may not fully capture. The report examines three themes:...
