Schar School Graduate Student Research
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A collection of working papers and other research by Schar School graduate students
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Browsing Schar School Graduate Student Research by Author "Quenga, Joseph"
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Item Credit Ratings & Climate Change Resilience: A Framework for Assessing Airports, Seaports, & Toll Roads(2022-05) Brown-Neuhaus, Virginia Gale; Harloe, Christopher; Kwekam, Gilles David; Lu, George; Quenga, Joseph; Snyder, WilliamThis report provides a framework for incorporating climate change resilience in Fitch Ratings’ credit rating assessments of airports, seaports, and toll roads. We build on current transportation resilience practices and climate-related assessments, key credit rating drivers, stakeholder interviews, and analysis of nonrecourse municipal securities official statements to develop a conceptual resilience framework that may be useful in expanding into Fitch Ratings credit rating process for transportation projects. This proposed framework can help develop quantifiable information to determine a project’s resiliency by analyzing these factors: project type, asset level; asset productivity; and strategic response planning. By focusing on the vulnerabilities and portfolio exposure, the framework provides a means to assess a project’s climate-related risks and resilience that can be easily distinguished between a high, medium, and low risk-resilience metric.