Research Update: Infraestructura Energetica Nova Global Scale Outlook Revised To Stable From Negative On Similar Action On Parent

On March 22, 2023, we revised our outlook on Sempra Infrastructure Partners L.P. (SI; BBB/Stable/--) to stable from negative and affirmed the ratings. In our view, Mexican energy company Infraestructura Energética Nova S.A.P.I. de C.V. (IEnova) is a core subsidiary of SI. On March 27, 2023, S&P Global Ratings revised the global scale outlook on IEnova to stable from negative and affirmed its 'BBB' long-term issuer credit ratings on the company and the 'BBB' issue ratings on IEnova's notes. We also revised the national scale outlook to positive from stable and affirmed the 'mxAA+' ratings. The stable global scale outlook on IEnova reflects that on SI, which also reflects the outlook on the ultimate parent, Sempra Energy (BBB+/Stable/A-2). Moreover, it

...- On March 22, 2023, we revised our outlook on Sempra Infrastructure Partners L.P. (SI; ###/Stable/--) to stable from negative and affirmed the ratings. In our view, Mexican energy company Infraestructura EnergTtica Nova S.A.P.I. de C.V. (IEnova) is a core subsidiary of SI. - On March 27, 2023, S&P Global Ratings revised the global scale outlook on IEnova to stable from negative and affirmed its '###' long-term issuer credit ratings on the company and the '###' issue ratings on IEnova's notes. We also revised the national scale outlook to positive from stable and affirmed the 'mxAA+' ratings. - The stable global scale outlook on IEnova reflects that on SI, which also reflects the outlook on the ultimate parent, Sempra Energy (###+/Stable/A-2). Moreover, it reflects our expectations of the company's stable revenue base given its long-term contracted nature, with no commodity exposure. The positive national scale outlook also reflects that we expect IEnova to reduce leverage in the next few...

Research Update