In October 2021, Sempra Energy (Sempra; BBB+/Negative/A-2) completed the incorporation of a new subsidiary, Sempra Infrastructure Partners L.P. (SI; BBB/Negative/--) that unifies Sempra's liquefied natural gas (LNG) businesses and Infraestructura Energetica Nova S.A.B. de C.V. (IEnova). In addition, it completed the tender offer of IEnova's public float, which is now fully privately owned by SI. We now consider IEnova to have a relatively higher importance to the group, and, in particular, to SI. IEnova generates nearly half of the new subsidiary's consolidated revenue and is aligned with its long-term strategy in the midstream and LNG sectors. We also think that implicit support would still come from Sempra Energy, the ultimate parent, which we don't think it would extend support in
