Maybe you could just give us a quick intro to your practice and how it is that you're able to observe the terms and conditions around some of these big data center financings.

I'm a senior director here at Fitch on the complex credit group within our infrastructure and project finance function.

And you're right.

Most of these transactions are really being structured on the project finance side in these special purpose vehicles.

When we rate them, we have access to sort of the relevant documents, the lease documents.

The draft debt documents, lender's technical advisor, independent engineer reports.

So we can really understand like what exactly is happening at this site.

But how usual is that to break up what are typically longer-term contracts into these shorter-term contracts where there's this renewal happening every few years?