Infraestructura Energetica Nova S. A. B. de C. V.

Finally, we expect the start of operations of several projects during 2020 and 2021, such as, the storage facility in Veracruz, and renewables projects, along with full operations of the marine pipeline. These projects will enable the company to maintain debt to EBITDA at about 3.5x for the next 12-24 months. Sempra announced its intention to launch a stock-for-stock exchange offer for the publicly traded shares of IEnova at an exchange ratio of 0.0313 share of Sempra's common stock for each share of IEnova. Subsequently, Sempra expects to form Sempra Infraestructure Partners (SIP), which will consist of Sempra Liquefied Natural Gas (Sempra LNG) and IEnova. Sempra will then sell a noncontrolling interest in SIP. We will continue to monitor these

...The company's performance benefits from a stable revenue base, mainly thanks to its long-term contracted nature. Despite the pandemic-induced economic shock, Infraestructura EnergTtica Nova S.A.B. de C.V.'s (IEnova's) revenue benefits from long-term, take-or-pay, dollar-denominated contracts with no commodity exposure. We view this as a credit strength, resulting in a stable and predictable cash flow generation. The contracts' remaining term is about 20 years, with investment-grade counterparties such as Comisi=n Federal de Electricidad (CFE; foreign currency: ###/Negative/--; local currency: ###/Negative/--), Petr=leos Mexicanos (Pemex; foreign currency: ###/Negative/--); local currency: ###+/Negative/--) and other private-sector, high-quality customers. During the first nine months of 2020, the company's EBITDA was 5% lower than for the same period of 2019, and we expect the same trend in the last quarter of the year. Finally, we expect the start of operations of several projects during...

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