Global P&M: London - Moody’s deliver PF default briefing
Moody’s delivered a briefing in its London office today, to explain the findings of their expanded data series on project finance default rates and recovery performance. One big take away was the comparative strong performance of project finance loans against corporate loans, with an average recovery rate of 79.9% for PF versus 74.4% for corporate bank loans. Many findings were self-evident to any project finance bankers, for example that the marginal default rates drop off significantly for project finance loans following the construction period, but provide a useful tool in persuading European institutional investors to take on infra debt. The data for the survey was provided by PF banks and Thomson Reuters Project Finance International.
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