WASHINGTON — An analysis of rating actions on bonds issued for projects involving public-private partnerships reveals that P3s are vulnerable to credit risk following downgrades of participants even if the projects are going well, according to a Moody’s Investors Service report released Thursday.

P3s are gaining popularity in the United States, where more states are enacting, or seeking to enact, laws authorizing such arrangements. Government and industry leaders like Transportation Secretary Ray LaHood and the American Association of State Highway and Transportation officials are actively promoting the potential of the P3 finance method.

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