摘要：Project credit assessments have been increasingly used in order to evaluate the creditworthiness of infrastructure projects. In light of the benefits that can be achieved from changing the financial basis of such projects during their life-cycle, the accuracy and comparability of project credit assessments become of cardinal importance to the successful financing or re-financing of a project. This paper proposes a conceptual framework for assessing project creditworthiness based on the study of risks that are encountered during the life-cycle of transport infrastructure projects. The proposed framework is based on a generic classification of risks and has risk allocation among the project’s counterparties at its core. The proposed framework intends to reflect the true risk status of such projects and consider asset-specific characteristics that are important to the role and operation of transport infrastructure. The findings of this paper aim to serve as a starting point for future research on the development of transport infrastructure project credit assessments that can overcome potential limitations and accurately reflect risk bearing and coping.
