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ESG Credit Indicator Report Card: Transportation Infrastructure

We view social risks for the transportation infrastructure industry as higher than for the other sectors, and most pertinent among the ESG factors, with about 40% of rated entities having a non S-2 credit indicator, of which 15% S-3 and 20% S-4. Rail and mass transport can obtain S-1 indicators, reflecting essential social service and resulting from stronger government support.

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