US PPP and Project Finance Conference
Thursday, December 5, 2019
December
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High investor demand for US public-private partnerships (PPP) and project financed debt has resulted in a weakening of debt terms and lender security. Simultaneously, a tight construction market has resulted in project delays and cost overruns, leading to construction companies announcing their exit from the market.

While the project pipeline is growing, it remains relatively small compared to the amount of capital available. As broader market conditions change, will the US PPP market shrink again as construction companies avoid bidding on fixed price contracts? Is the market right-sizing itself and strengthening its foundation for future projects?

Discussion Highlights

      » Economic outlook amid rising trade tensions, shifting monetary policy and the upcoming election year

      » State of the US PPP market:  key credit, market, and structuring trends with lessons learned

      » District energy and renewable projects’ credit

      » New ESG developments and case studies

Explore these credit and market trends in an interactive format with Moody’s senior analysts, PPP and project finance market makers, and a diverse range of other industry experts.  

Who should attend?

The conference is for senior-level Investors and Sponsors in the US PPP and Project Finance market

Registration is required for attendance.

Agenda

8:00 AM Registration and Breakfast

8:00 AMPre-conference Workshop: Enhancing your fundamental credit analysis with Moody's CreditView

Join us for an interactive session where you will gain practical knowledge on leveraging Moody’s CreditView while conducting fundamental credit analysis. Discover how to utilize the wealth of Moody’s research, data, and service to improve the quality and efficiency of your analysis. 

» Presented by Moody’s Analytics                                                                                                                                               

9:00 AM Opening Remarks

» Michael Mulvaney, Managing Director, Project & Infrastructure Finance, Moody’s Investors Service

9:10 AM Economic Address

» Mark Zandi, Chief Economist, Moody’s Analytics

9:50 AM State of the US PPP Market: Rising risks, weaker structures, yet still a seller’s market

» John Medina, VP –Senior Credit Officer, Project & Infrastructure Finance, Moody’s Investors Service

10:05 AM   PPP Credit Trends: Market in flux with delays, cost overruns, exits and terminations

·      Rising materials costs and labor shortages lead to cost overruns and delays on fixed price contracts, weakening construction company credit quality

·      Project losses and view of unfair risk allocation lead to avoidance of fixed-price work

·      Majority of US PPP projects in construction are delayed with many over budget

·      Limited number of projects compared to a high demand for the paper

·      Financing trends continue to weaken security packages

·      Riskier and larger projects like demand risk passenger rail

Speakers

» John Medina, VP –Senior Credit Officer, Project & Infrastructure Finance, Moody’s Investors Service

» Catherine Deluz,Senior Vice President, Project & Infrastructure Finance, Moody’s Investors Service

» Michael Correlli,VP – Senior Analyst, Corporate Finance, Moody’s Investors Service

» Jennifer Chang,VP – Senior Analyst, Project & Infrastructure Finance, Moody’s Investors Service

» Kathrin Heitmann,VP – Senior Analyst, Project & Infrastructure Finance, Moody’s Investors Service

11:00 AM Networking Break

11:30 AM Environmental, Social and Governance: New Developments and Case Studies

·      Moody’s Global ESG taxonomy

·      Social Risk Heat Map results and infrastructure sectors exposure to social risks

·      Carbon Transition Assessment case study

·      Physical Risk Assessment framework

Speakers

» Swami Venkataraman, Senior Vice President, Global ESG, Moody’s Investors Service

» Khalid Husain, Vice President, Global ESG, Moody’s Investors Service

12:00 PM District Energy and Renewable Power Projects

·      District energy and renewable power project credit quality depends on contractual structure, asset location and degree of merchant market risk, if any

·      Project pipeline growing but off-takers have different incentives and needs

·      Renewable projects moving forward with rising merchant exposure

·      What are successful developers looking for in a partnership and lessons learned to date

·      Key differences working with university vs. a government client

  

Speakers

» AJ Sabatelle, Associate Managing Director, Project & Infrastructure Finance, Moody’s Investors Service

» Jennifer Chang, VP – Senior Analyst, Project & Infrastructure Finance, Moody’s Investors Service

» Paul Cutler, Treasurer and Assistant Secretary, NextEra Energy Partners

» Sameer Qureshi, Manager,Development, Clearway Energy

» Joe Oliver, Managing Director, Infrastructure & Capital Projects, Government & Public Services, Deloitte Risk and Financial Advisory

1:00 PM   Closing Remarks

» Walt Winrow, Managing Director, Project & Infrastructure Finance, Moody’s Investors Service

1:10 PM   Conclusion / Networking Lunch

Agenda

8:00 AM Registration and Breakfast

8:00 AMPre-conference Workshop: Enhancing your fundamental credit analysis with Moody's CreditView

Join us for an interactive session where you will gain practical knowledge on leveraging Moody’s CreditView while conducting fundamental credit analysis. Discover how to utilize the wealth of Moody’s research, data, and service to improve the quality and efficiency of your analysis. 

» Presented by Moody’s Analytics                                                                                                                                               

9:00 AM Opening Remarks

» Michael Mulvaney, Managing Director, Project & Infrastructure Finance, Moody’s Investors Service

9:10 AM Economic Address

» Mark Zandi, Chief Economist, Moody’s Analytics

9:50 AM State of the US PPP Market: Rising risks, weaker structures, yet still a seller’s market

» John Medina, VP –Senior Credit Officer, Project & Infrastructure Finance, Moody’s Investors Service

10:05 AM   PPP Credit Trends: Market in flux with delays, cost overruns, exits and terminations

·      Rising materials costs and labor shortages lead to cost overruns and delays on fixed price contracts, weakening construction company credit quality

·      Project losses and view of unfair risk allocation lead to avoidance of fixed-price work

·      Majority of US PPP projects in construction are delayed with many over budget

·      Limited number of projects compared to a high demand for the paper

·      Financing trends continue to weaken security packages

·      Riskier and larger projects like demand risk passenger rail

Speakers

» John Medina, VP –Senior Credit Officer, Project & Infrastructure Finance, Moody’s Investors Service

» Catherine Deluz,Senior Vice President, Project & Infrastructure Finance, Moody’s Investors Service

» Michael Correlli,VP – Senior Analyst, Corporate Finance, Moody’s Investors Service

» Jennifer Chang,VP – Senior Analyst, Project & Infrastructure Finance, Moody’s Investors Service

» Kathrin Heitmann,VP – Senior Analyst, Project & Infrastructure Finance, Moody’s Investors Service

11:00 AM Networking Break

11:30 AM Environmental, Social and Governance: New Developments and Case Studies

·      Moody’s Global ESG taxonomy

·      Social Risk Heat Map results and infrastructure sectors exposure to social risks

·      Carbon Transition Assessment case study

·      Physical Risk Assessment framework

Speakers

» Swami Venkataraman, Senior Vice President, Global ESG, Moody’s Investors Service

» Khalid Husain, Vice President, Global ESG, Moody’s Investors Service

12:00 PM District Energy and Renewable Power Projects

·      District energy and renewable power project credit quality depends on contractual structure, asset location and degree of merchant market risk, if any

·      Project pipeline growing but off-takers have different incentives and needs

·      Renewable projects moving forward with rising merchant exposure

·      What are successful developers looking for in a partnership and lessons learned to date

·      Key differences working with university vs. a government client

  

Speakers

» AJ Sabatelle, Associate Managing Director, Project & Infrastructure Finance, Moody’s Investors Service

» Jennifer Chang, VP – Senior Analyst, Project & Infrastructure Finance, Moody’s Investors Service

» Paul Cutler, Treasurer and Assistant Secretary, NextEra Energy Partners

» Sameer Qureshi, Manager,Development, Clearway Energy

» Joe Oliver, Managing Director, Infrastructure & Capital Projects, Government & Public Services, Deloitte Risk and Financial Advisory

1:00 PM   Closing Remarks

» Walt Winrow, Managing Director, Project & Infrastructure Finance, Moody’s Investors Service

1:10 PM   Conclusion / Networking Lunch

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Contact 

Sandra Fung, Manager
MIS Events and Outreach

+1 (212) 553-5913
sandra.fung@moodys.com