United States Department of Transportation
i
Evaluating the Relative Performance of Public-Private Partnerships and Conventional Project Delivery During Crises
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2024-09-11
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[PDF-912.74 KB]
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Edition:Final Report – 7/1/20 to 6/30/22
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Abstract:This research report investigates whether the financial health of transportation projects varies based on their financial structures during times of crisis. Specifically, the study focuses on three projects in Virginia: the Hampton Road Bridge Tunnel (a publicly financed project), the Chesapeake Bay Bridge Tunnel Expansion (a revenue bond project), and Transform 66 Outside the Beltway (a P3 project). Two key indicators were analyzed: credit rating and credit spread. The study found that the credit rating remained stable for all three projects, indicating that the overall creditworthiness and risk assessment of each project, as evaluated by financial institutions, did not change significantly due to the crisis. However, the credit spread analysis, while initially promising, were not sufficiently robust due to shed light on the research questions.
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