As part of the project assessment, Moody's looks at cash flow projections using best-case and worst-case scenarios; with their ultimate goal being to determine how much revenue is needed to cover debt obligations and operating expenses. In doing a sensitivity analysis, they may use one or a combination of the following scenarios:
■ Zero or reduced traffic growth (25-30%)
■ Ability to withstand economic recession
■ Currency devaluation
■ Delays in project construction