Things to Consider
It's important to note that infrastructure companies often enter into swap agreements which changes their final payment profile for the borrowed debt and this information is sometimes unavailable in their accounts.
To the extent possible, our spread estimations consider the final payment profile from the perspective of the borrower, i.e., an original floating-rate debt instrument may be priced as a fixed-rate instrument if there is a swap agreement in place.
You can read more about our Credit Risk Methodology here.