In an early August report, Canadian rating agency DBRS cautions lenders that large milestone and completion payments to developers of availability-based DBFOM P3s in the U.S. will reduce projects’ resilience to financial stress during the operating period. Conversely, DBRS says that “little or no government funding” during construction improves a project’s creditworthiness by raising equity returns, and therefore, increasing the ability of a project to withstand financial shocks during the operating period