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| Author: | Dailami, M. Hauswald, R. |
| Title: | Credit-spread determinants and interlocking contracts: A study of the Ras Gas project |
| Journal: | Journal of Financial Economics
2007 : OCT, VOL. 86:1, p. 248-278 |
| Index terms: | project financing credit contracts risk management joint business ventures companies Qatar USA |
| Language: | eng |
| Abstract: | This paper provides an in-depth study of the allocation of a firm's residual risks not explicitly managed through interlocking contracts in the context of project finance. Focusing on the Ras Gas project, its credit spreads (here as: c-s.) are related as a measure of investor risk perceptions to firm-specific risk factors (as: r-fs.) in the context of 25-year supply agreements, debt covenants, and a debt-service guarantee contingent on output prices. It is found that unmanaged r-fs. affecting the supply agreement drive Ras Gas' c-s., while managed ones have no effect. |
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