Ferrovial, the Spanish construction group that owns 56pc of BAA, must lead a refinancing of £1.55bn of subordinated debt, currently trading at only about 60p in the pound. The debt must be repaid by May 2011 – a tight timeframe given the carnage in the credit markets. Join discussion...

Urged Wednesday to take advantage of the equity held in public infrastructure, including the Massachusetts Turnpike, and to reach for more efficient management and upfront revenue that can come from privatization deals, lawmakers expressed interested in the concept but caution about locking into long-term toll hikes and turning over management of large public assets to private companies. Join discussion...

Standard & Poor's Ratings Services said it has revised the outlook on its 'BBB+' corporate credit ratings on Transurban Finance Co. Pty Ltd. to stable from negative, citing the Australian toll-road operator's improved financial risk profile. Join discussion...

Moody's Investors Service said it assigned a definitive 'Aaa' rating to Autovia de la Mancha S.A.'s (Aumancha) 110.0 million euros guaranteed senior secured loan due 2031, based solely upon the Financial Services Authority's (FSA) unconditional and irrevocable guarantee of scheduled principal and interest. Join discussion...