Partenariats public-privé, crise financière et refinancement
PPP contracts are one of the main tools of current recovery and reinvestment policies, mostly because they have limited short term effect on public accounts. However, their financial model has been challenged by the economic crisis: based on high leveraged financing, in order to limit costs, they have been facing a less favourable economic context, characterised by higher interest rates and shorter term loans that can't match the contracts' duration. The latter, also known as mini-perms, entail refinancing operations that can unbalance risk allocation between the public and private partners. Taking this financial risk into account can lead public purchasing authorities to require higher levels of equity, thus increasing the financing cost of the projects and limiting their value for money.
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|Date of creation:||01 Jan 2010|
|Publication status:||Published in Revue Bancaire et Financière, 2010, 2010-1, pp.62-68|
|Note:||View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00464397|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
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