Infraestructura Energetica Nova S.A.B. de C.V.'s Proposed Senior Unsecured Notes For Up To $800 Million Rated 'BBB'

MEXICO CITY (S&P Global Ratings) Sept. 9, 2020--S&P Global Ratings today assigned its global scale foreign currency 'BBB' issue-level rating to Infraestructura Energetica Nova, S.A.B. de C.V.'s (IENova; BBB/Negative/--) proposed senior unsecured notes of up to $800 million, due in up to 30 years. IENova intends to use the net proceeds to pay down short-term debt and for general corporate purposes. The rating on the senior notes is at the same level as our global scale issuer credit rating on IENova, given that the new debt is not structurally subordinated, and its capital structure mostly consists of unsecured debt. Our ratings on the company reflects its satisfactory competitive position and predictable cash flow generation given its long-term, take-or-pay, and dollar-denominated

...September 9, 2020 MEXICO CITY (S&P Global Ratings) Sept. 9, 2020--S&P Global Ratings today assigned its global scale foreign currency '###' issue-level rating to Infraestructura Energetica Nova, S.A.B. de C.V.'s (IENova; ###/Negative/--) proposed senior unsecured notes of up to $800 million, due in up to 30 years. IENova intends to use the net proceeds to pay down short-term debt and for general corporate purposes. The rating on the senior notes is at the same level as our global scale issuer credit rating on IENova, given that the new debt is not structurally subordinated, and its capital structure mostly consists of unsecured debt. Our ratings on the company reflects its satisfactory competitive position and predictable cash flow generation given its long-term, take-or-pay, and dollar-denominated contracts, and lack of exposure to commodity risks. In addition, the ratings reflect the company's position as the largest private participant in Mexico's natural gas pipeline transportation...

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