... Nova, S. A. B. de C. V. y Subsidiarias' (IEnova) Long-Term Foreign- and Local-Currency Issuer Default Rating (IDR) and senior unsecured rating at `BBB+'. The Rating Outlook is Stable. IEnova's ratings reflect its strong competitive position in the highly regulated energy environment in Mexico, adequate capital structure, and stable and predictable cash flow generation supported by long-term agreements with no material commodity exposure signed with investment grade off-takers. IEnova's ratings also reflect its strong liquidity position and the support of its primary shareholder, Sempra Energy (BBB+/Stable). Sempra's rating reflects its well- diversified investment portfolio, the financial strength of its U.S. regulated utilities, and long-term contracted infrastructure investments, offset by a relatively high level of parent debt....
