More Capex, More Debt ‐ Evolving Balance Sheets of US Airports

U.S. airport passengers are back, or at least back to 2019 pre-pandemic levels, and the airport sector is undertaking a massive wave of capital expansions to meet rising demand. The trend will see balance sheets grow and prices climb, per a research report from Fitch Ratings in October. Large hub airports will lead the capital […]

Trials and Privatizations in Chester Pennsylvania

Chester, Pennsylvania fell on hard times decades ago, and today the city is very, very bankrupt. An editorial in the Philadelphia Enquirer in December noted that the city currently faces a $46.5 million deficit on a budget of just $55 million. The city of nearly 34,000 has been in a long-running financial crisis that is only […]

The Campaign to Cancel Puerto Rico’s Electricity Grid Concession

For anyone familiar with the operations of Puerto Rico’s electricity grid over the last decade, the headline in the Wall Street Journal on November 27th must have been a surprise. It reads “Puerto Rico’s Power Failures Worsen After Private Takeover.”