ASSESSMENT

• What is the scope of the project?

• What financing is available?

• How will this affect credit & rates?

• Who has governance & control?

• What risks arise?

• Is your project replacing end-of-life infrastructure or meeting new demand?

• Do we need to negotiate covenants with investors, or can the project be covenant light?

• Tax-Exempt Capital Markets, Taxable and Tax-Exempt Bank Market, 144a or Private Placement 4(a)2?

• Size of project, debt service coverage factors, and sponsor support matter. The project's credit rating will determine spreads, the sponsor's support will determine the impact on the projects's credit rating.