MEXICO CITY (S&P Global Ratings) June 12, 2019--Infraestructura Energetica Nova S.A.B. de C.V. (IEnova; global scale: BBB/Negative/--; national scale: mxAA+/Stable/--) announced yesterday the completion of the construction--through a joint venture with TC Energy Corporation (TC)--of the marine pipeline, Sur de Texas – Tuxpan. The project, in our view, supports IEnova's position as one of the largest private companies, in terms of installed capacity, in Mexico's natural gas, open-access pipeline transportation market. The majority of the company's revenue comes from long-term contracts with no commodity exposure and with creditworthy customers. Since we had already incorporated the completion of this project into our base-case for IEnova--and expect it to result in additional revenue of about $45 million annually--the completion doesn't materially affect
