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.
War In The Middle East: Risks And Opportunities For Global Infrastructure
The war in the Middle East has a range of implications for S&P Global Ratings’ portfolio of rated infrastructure assets around the world. The effects on an entity’s credit standing will vary according to where assets are located, the contractual and regulatory framework under which the entity operates, and on the duration, scope, and severity of the wars.
If the war is prolonged, ports and airports could see volumes and costs affected in varying ways depending on their exposure to closed airspace or maritime routes, particularly Europe-to-Asia. Rated assets that are closer to the conflict, such as airports in Hyderabad and Delhi, would be more exposed to rapidly declining passenger numbers.
Energy infrastructure assets would face higher commodity prices, particularly in Europe, and exacerbated affordability concerns in an inflationary environment--a key risk we flagged earlier this year. Adverse regulatory and government intervention could materialize.
For U.S. Not-For-Profit Electric Utilities, Capex, Affordability, And Performance Can Diverge
Fundamental to U.S. NFP public power and electric cooperative utilities maintaining credit quality is their flexibility to increase retail rates to offset rising operating and capital costs. However, the substantial utility infrastructure investment cycle is coinciding with a prolonged inflationary environment and could diminish cost recovery prospects.
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