Infrastructure & Utilities
The development of infrastructure in cities and regions across the world is critical to economic growth and social well-being. As such, securing the funding needed to support the global infrastructure sector—currently in the tens of trillions of dollars—is a key issue for governments and policymakers.
Solar And Wind Performance: Beyond Resource Availability, Emerging Threats To Expectations
- Since March 6, 2025, we have affirmed ratings on 89% of wind and 77% solar assets. We took negative rating actions in markets such as Spain, where rapid solar and wind capacity growth combined with an inability to store and or fully transmit this power led to negative power prices and curtailment. Managing this risk as renewables penetration continues to increase will be key to credit performance.
- A negative trend is emerging in solar generation versus P90 expectations because of factors including lower solar radiation, curtailment, and theft of components such as cables.
- Onshore wind generation continues to underperform, leading to negative actions since we started rating these assets in 2003. We see them as generally more risky than solar photovoltaic due to higher resource risk and greater operational issues.
- Adverse changes in regulations or government compensation mechanisms could change our baseline.
- Novel analysis of solar radiation and wind speed deviation data from S&P Global Market Intelligence shows mixed regional performance.
Credit FAQ: How Does The Middle East War Affect Heathrow's Credit Quality?
Heathrow's direct and indirect exposure to the Middle East is the highest in our rated European airport portfolio. About 10% of Heathrow passengers traveled to or from the Middle East before the war, and the region accounts for more than 55% of the U.K.'s jet fuel imports.
Even so, we think the headroom in Heathrow's credit metrics could help mitigate potential negative effects of the war and support the current rating, with funds from operations (FFO) to senior debt of 8.1% and FFO to debt of 6.4% in 2025.
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