Standard&Poor's Ratings Services published its revised project finance ratings criteria Sept. 16, 2014. Low design cost variation risk and adequate technological risk Moderately complex building or simple civil engineering task Strong delivery method, supported by a very experienced contractor and high-to-moderate degree of contract risk transfer An irreplaceable construction counterparty, which could be a rating constraint in the event that it goes below that of the project Strong project management Marginally negative in construction funding More complex and challenging operational and maintenance tasks, including operating the light rail vehicles as part of the project scope Availability-based payment regime with no market risk exposure Fully indexed operations and maintenance (O&M) and lifecycle costs The offtaker retaining all energy consumption
