While airports, ports and GARVEEs are holding steady, according to several new Fitch Ratings reports, increasingly, state and local governments are realizing the benefits of risk transfer, cost certainty and asset preservation through public-private partnerships (P3). For U.S. airports, a renewed economic downturn or airline service shift could result in negative rating actions, while U.S. port ratings could change if the balance of trade is altered after the Panama Canal expansion opens. 'Near-term, the P3 pipeline is expected to grow, both for new project construction and expanded existing projects. Completion risk remains a prominent factor, so more intensive risk analysis is still an important consideration,' said Scott Zuchorski, Senior Director.