The projects at most risk are those where the Provider is carrying the market (usage). Of these, one is being managed by a financially strong group which can accept low initial returns in the expectation of a full recovery in the long term. The position of a motorways project which was not rated because of the early stage of its development, is currently only Sustainable by virtue of the EIB lending being based not just on a bullet repayment of capital, but also the 100% capitalisation of interest. Current projections, as accepted by PJ, show that there will be enough free cash flow to repay the commercial banks, but not to build up sufficient funds to repay the Bank's bullet loan. This suggests that some degree of refinancing will be required in the future. However, the Concession stretches well beyond the term of the EIB loan and the Bank expects that there will be sufficient revenue, after the initial commercial bank loans have been paid off, to interest commercial banks in such a refinancing. This potential refinancing structure was foreseen at appraisal and is reflected in the design of the Bank's operation. The Provider on the third project is under financial pressure. The effect has been to reduce projected equity returns to zero for at least a decade, unless a financial restructuring takes place.