This paper analyzes how risks are distributed in contracts for public-private partnership in Spanish toll motorways and what guarantees are granted over time. Although we observe that the knowledge acquired has allowed a better identification and allocation of some risks –technological progress and demand– and changes in the allocation of state guarantees against financial risk, there are still many factors that make the future of the industry gloomy. The general decline of traffic on all toll motorways –because of the economic crisis–, the construction or improvement of alternative free roads, and the expensive expropriation processes faced by some concessionaires, have produced significant losses in the most recent concessions, which have been supported partially with public funds. The ongoing debate about the solution to the crisis in the sector includes its likely nationalization.

Key words: concessions, risks, state guarantees, infrastructures, privatization.
JEL Classification: H11, H44, H54, H81, L33.