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.
Industry Credit Outlook: Future-Proofing Ports: Adapting To A New Global Trade Landscape
In response to changing global trade flows and more sophisticated shipper demands, certain competitive characteristics are becoming more important for growth, increasingly prioritizing operational flexibility, digitalization, and decarbonization.
We estimate that our rated ports globally will likely continue to increase their capital investments by about 30% in the coming years--more than any other transportation infrastructure sector.
In our view, maintaining balance sheet discipline while enhancing business models to leverage local opportunities and absorb regional risks will be key to supporting creditworthiness stability.
Global trade continues to expand, with trade flow realignment likely to drive new volumes toward emerging manufacturing hubs, particularly in the Global South.
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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