Public-Private Partnerships in an Inflationary Environment
Driven by a series of events including the trade war, the Coronavirus Disease (COVID-19) pandemic, extreme weathers around the globe, and the Russian invasion of Ukraine, the world appears to have entered into a generally inflationary environment as the consumer price index (CPI) rose to a four-decade high of 9.1% in the U.S. and 8.1% in Canada at the end of June 2022. As a result of the rise in inflation, costs of key inputs for public private partnerships (P3s) infrastructure projects have also increased.In this commentary, we will discuss the impact the current inflationary environment has had and will continue to have on the universe of P3s and to what extent DBRS Morningstar expects its P3 portfolio to be affected by inflation for the rest of 2022 and 2023.
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