Infraestructura Energética Nova S.A.P.I. de C.V.

Overview Key strengths Key risks Core subsidiary of its immediate parent, Sempra Infrastructure Partners (SI). Exposure to Mexico's government-related entities. Stable and predictable revenue base coming from long-term contracts with no commodity-price exposure. Although we don't expect this in the short term, potentially higher capex and debt if IEnova aggressively expands operations. Deleveraging as capital expenditure diminishes and the company receives higher dividends from unconsolidated operating companies. We consider IEnova to be highly important to the group, and particularly to SI. IEnova generates nearly half of SI's adjusted EBITDA and is in line with the parent's long-term strategy in both the midstream and liquefied natural gas (LNG) sectors. As a result, we believe the company would receive extraordinary support, if

...S&P Global Ratings continues to view Infraestructura EnergTtica Nova S.A.P.I. de C.V. (IEnova) as a core subsidiary of SI. We consider IEnova to be highly important to the group, and particularly to SI. IEnova generates nearly half of SI's adjusted EBITDA and is in line with the parent's long-term strategy in both the midstream and liquefied natural gas (LNG) sectors. As a result, we believe the company would receive extraordinary support, if needed, from the parent. Therefore, we equalize the global scale outlook on IEnova with that of SI....

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