The past 12 months has been a turbulent time for global credit markets. In Australia, there has been a dislocation in the asset-backed and corporate bond markets with rating downgrades for monoline bond insurers and calls on guarantees for recently commissioned projects. This has affected both distribution and credit guarantee pricing (Reserve Bank of Australia 2008). Nevertheless, Australia has fared better than many OECD countries with exposures confined to relatively few projects although full and partial refinancing of a number of mature projects in the next 18 months will test this (Debelle 2008).