On Jan. 9, 2025, we revised our outlook on Sempra Infrastructure Partners L.P. (SI; BBB/Negative/--) to negative from stable and affirmed our ratings. We continue to view the Mexican energy company Infraestructura Energética Nova S.A.P.I. de C.V. (IEnova) as a core subsidiary of SI. On Jan. 10, 2025, S&P Global Ratings revised the global scale outlook on IEnova to negative from stable and affirmed its 'BBB' long-term issuer credit ratings on the company and the 'BBB' issue ratings on IEnova's notes, following the rating action on SI. The negative global scale outlook on IEnova reflects that on SI, which also reflects the outlook on the ultimate parent, Sempra (BBB+/Negative/A-2). We continue to view IEnova as a core subsidiary of SI.
