In Australia, several early build own operate transfer (BOOT) transactions were taken over by the state including Deer Park Women's Prison and La Trobe Hospital. The state has “step in” rights in the event of specified franchisee financial or operational failures and the terms of the intervention may include full or partial compensation. However, rarely does the exercise of step-in rights impose extraordinary costs on the state. As with the Cross City Tunnel, the project is sold to new investors and the loss is carried by equity investors. The debt providers recovered their loan. The PPP failure rate is low with Standard and Poor's measuring defaults for international credit-rated projects of less than 1% in 2004, a lower rate than for other rated securities and significantly lower than the rate for business failures generally. Transurban's M7 motorway in western Sydney recently obtained a credit rating of A-, making it one of one of the few private toll roads in the world to achieve such a high underlying rating.