On March 19, 2025, S&P Global Ratings published a request for comment (RFC) titled "Request For Comment: CDOs Of Project Finance Debt: Global Methodology And Assumptions." Below we answer some questions on our proposed update to these criteria and the data sources used. Our current criteria for rating these instruments were released in 2014. We recently gathered and reviewed significant data on the PF market. This data suggested that it could be appropriate to refresh the calibration underpinning some aspects of the analysis of PF assets (including recoveries). In addition, the financing universe has grown significantly over the past decade, and so has the number of PF sectors and sub-sectors used to classify the assets. Our proposed updates to recovery
