Abstract
An emerging trend in project and concession financing is the use of targeted risk coverage, a structured financial mechanism for risk mitigation that shifts specifically identified risks from a project-financed transaction or concession to a third party such as a multiline insurance or reinsurance company, or a preferred creditor. While targeted risk coverage represents an innovative approach that can be an effective risk mitigant, rating agencies will elevate project credit ratings only after careful analysis of each risk cover9s terms and conditions and the willingness of the coverage provider to meet its obligations in a timely manner.
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