As project risks vary over time, the appropriate representation would be over the entire asset life cycle. Pellegrino et al [10] adopted this approach and Roumboutsos et al [12] refined it for the case of transport infrastructure PPPs with an emphasis on current concerns. Figure 1 illustrates risks of transport project PPPs over the asset life cycle. Evidently, with respect to credit assessments the “Development Phase Risks” could bear little significance. In addition, it is interesting to note that with respect to “life-cycle risks” and with the exception of “governance risks”, which correspond to the SPV, and “force majeure events” which are completely external to the transaction, all other risks are country- and sector- related.