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Cliff risk and maintaining ratings: How are sponsors, banks and investors approaching project risk in the COVID-era?

Broadcast on Oct 20, 2020 from Livestream: Project Finance & Capital Markets Latin America 2020 - Virtual Conference

Gold Sponsor

SMBC

Silver Sponsor

CIBC

Silver Sponsor

Fitch Ratings

Silver Sponsor

Moody's Investors Service

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Cliff risk and maintaining ratings: How are sponsors, banks and investors approaching project risk in the COVID-era?

  • From IG project to sub-IG: How much can “cliff risk” impact funding of a project when there is potential for it to be downgraded from BBB- to BB+?
  • With limited access to the off-taker, and shorter tenors, do smaller projects carry a higher risk?
  • How is a withdrawal of project insurers impacting project loan pricing and terms?
Latin America

Moderator

Alex Johnson

Alex Johnson

Chief Executive Officer

GFC Media Group

Alex Johnson

Alex Johnson

Chief Executive Officer at GFC Media Group

Alex is Founder and CEO of GFC Media Group. He is responsible for shaping the business strategy as well as overseeing the day-to-day running of the company. Launched in 2009 focusing on capital markets conferences in the GCC, the business today operates across 4 continents and delivers market intelligence and peer-to-peer discussion to over 10,000 senior finance and investment executives per year.

In 2020, in response to the COVID-19 pandemic, GFC Media Group transitioned its entire business online, having spent 10 years only delivering Live conferences and roundtables.

Prior to starting GFC Media Group, Alex worked in various roles in media, research, and events. He has a degree in Economics and Finance from the University of Durham.

GFC Media Group

Alex Johnson

Speakers

Juan Pablo Raffetto

Juan Pablo Raffetto

Vice President, Head of LATAM Infrastructure

MetLife

Juan Pablo Raffetto

Juan Pablo Raffetto

Vice President, Head of LATAM Infrastructure at MetLife

MetLife

Adrián Garza

Adrián Garza

Vice President, Senior Analyst

Moody's Investors Service

Adrián Garza

Adrián Garza

Vice President, Senior Analyst at Moody's Investors Service

Adrian is presently a Vice President - Senior Analyst in the Global Project and Infrastructure Finance Team. Adrian holds lead analytical responsibility for a portfolio of infrastructure companies and projects in Latin America and the Caribbean. The portfolio covers toll-roads, energy utilities, natural gas pipelines, airports, PPPs, and other infrastructure assets.

In his role, Adrian develops and conducts research on sector trends and industry related topics. He is a regular participant at high-profile market briefings, external conferences and media engagements. Adrian is also a spokesperson for Moody’s in Latin America for environmental, social and governance (ESG) topics.

Adrian’s experience in financial analysis spans for 15 years. Before joining Moody’s in 2010, he gained experience in investment banking where he executed transactions in the housing and publishing industries. Prior to that, he worked at a credit rating agency in the structured finance, project finance and sub-sovereign teams.

Adrian holds a MSc in Economics and Philosophy from London School of Economics and Political Science (LSE), and a BA in Economics from Instituto Tecnológico y de Estudios Superiores de Monterrey (ITESM). Adrian is also a CFA charter holder.

Moody's Investors Service

Adrián Garza

Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets, and the firm's ratings and analysis track debt covering approximately 130 sovereign nations, 11,000 corporate issuers, 21,000 public finance issuers, and 76,000 structured finance obligations.