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Political cycles (elections, policy shifts), Financial cycles (interest rates, refinancing), Capability cycles (asset decay, skill loss), and Civic cycles (public attention, legitimacy). PPPs couple capital to all four cycles rather than decoupling from them.
A PPP for water infrastructure remains vulnerable to: political renegotiation after elections, refinancing risk when rates change, capability degradation from deferred maintenance, and civic backlash from service quality issues.
PPP Section 4.1