...Sempra Energy's ratings and Outlook are supported primarily by stable earnings and cash flows from regulated utility business in California and Texas and by long-term contracted infrastructure investments in U.S. and Mexico. Asset sales in recent years have enhanced financial flexibility and reduced operation risk. The Cameron liquefied natural gas (LNG) project has begun to receive full run-rate cash flows after train 3 reached full commercial operation in August. In affirming Sempra's ratings and Outlook, Fitch assumes that growth at Sempra LNG and IEnova will be gradual and proportionate with growth at the regulated utilities, and that future LNG development project risk profiles are not materially differ from current projects. A staggered, spread out construction schedule will be viewed favourably. Material deviation from these expectations could lead to negative rating actions....
