We assigned our global scale corporate credit rating of 'BBB' to IENOVA. We also affirmed our national scale rating of 'mxAAA' on the company and on its notes (certificados bursátiles). IENOVA continues to post significant leverage given its considerable investments. The stable outlook reflect our expectations that the company will continue to operate its business based on stable and foreseeable cash flow generation. We believe that it will maintain its net debt to EBITDA below 4.0x, funds from operations (FFO) to net debt higher than 13%, and an adequate liquidity position in the next two years. On Nov. 29, 2017, S&P Global Ratings assigned its 'BBB' global scale corporate credit rating on Infraestructura Energética Nova S.A.B. de C.V.(IENOVA). The outlook
