TY - JOUR T1 - Implications of Economic Turmoil to Emerging Market Project Finance Transactions — A Rating Agency Perspective JF - The Journal of Structured Finance SP - 9 LP - 12 DO - 10.3905/jsf.1999.320193 VL - 4 IS - 4 AU - Curtis A. Spillers Y1 - 1999/01/31 UR - https://pm-research.com/content/4/4/9.abstract N2 - Current economic turbulence is creating stress for the first time with many projects. Well-designed structures with a proper sharing of risks should help bring most project investors the luck they need. Among the risk mitigation measures Spillers describes are sponsor guarantees of construction, sponsor sharing of commodity price risk, and reserve accounts and the direct involvement of ECAs and multilaterals as co-lenders to mitigate currency risk. He notes that a host government is unlikely to interfere with the payments to project lenders when the value of the project's export can only be realized by specific buyers and those buyers must pay into an offshore trust. ER -