Research Update: Infraestructura Energetica Nova S.A.P.I. de C.V. Global 'BBB' And National Scale 'mxAA+' Ratings Affirmed

We continue to view Mexican energy company Infraestructura Energética Nova S.A.P.I. de C.V. (IEnova) as a core subsidiary to its immediate parent, Sempra Infrastructure Partners L.P. (SI; BBB/Negative/--). We expect the company to deleverage in the upcoming 12-24 months in line with the overall group's strategy, while its capital expenditure (capex) needs fall. On Sept. 15, 2022, S&P Global Ratings affirmed its 'BBB' long-term issuer credit ratings on IEnova and on its notes, and affirmed the 'mxAA+' national scale rating. The negative global scale rating outlook on IEnova reflects that on SI, which also reflects the outlook on the ultimate parent, Sempra Energy (BBB+/Negative/A-2), and on our expectation that if a downgrade of the latter occurs in the next 12

...- We continue to view Mexican energy company Infraestructura EnergTtica Nova S.A.P.I. de C.V. (IEnova) as a core subsidiary to its immediate parent, Sempra Infrastructure Partners L.P. (SI; ###/Negative/--). We expect the company to deleverage in the upcoming 12-24 months in line with the overall group's strategy, while its capital expenditure (capex) needs fall. - On Sept. 15, 2022, S&P Global Ratings affirmed its '###' long-term issuer credit ratings on IEnova and on its notes, and affirmed the 'mxAA+' national scale rating. - The negative global scale rating outlook on IEnova reflects that on SI, which also reflects the outlook on the ultimate parent, Sempra Energy (###+/Negative/A-2), and on our expectation that if a downgrade of the latter occurs in the next 12 months, it would trigger the same rating action on the Mexican subsidiary. The stable national scale rating outlook on IEnova reflects our expectation that it will continue to benefit from stable and predictable cash flows and...

Research Update