Infrastructure Finance: Traffic Risk in Start-Up Toll Facilities

The publication of this study reflects the continued commitment of the European Infrastructure Financing Ratings team to coverage of the highway sector. It is intended to enhance our enviable reputation as the world’s leading provider of timely, objective credit analysis and provides original insight into arguably the major risk factor affecting toll road companies and project-financed toll road transactions.

This is an exciting and challenging time for the industry, The European toll road sector is experiencing a period of major change, as major investments are still required to build or upgrade road infrastructure. These investment requirements are supported by various public policy commitments by both national and regional governments. 

Understanding how traffic risk affects credit quality and future sector trends has never been more challenging. As a result, Standard & Poor’s recognizes that it is particularly important for investors to be able to rely on high-quality and independent credit research to make well-informed and effective financial decisions.