This report does not constitute a rating action. What's new: As of June 30, 2026, Infraestructura Energética Nova's net debt to EBITDA improved to approximately 2.0x from 2.6x at year-end 2025. IEnova's total debt decreased to about $2.0 billion from $2.2 billion at the end of 2025, driven primarily by a significant reduction in short-term debt. This extends the gradual decline in the company's leverage in recent years. In addition, equity earnings increased to roughly $61 million in the first half of 2026, compared with $25 million in the same period in 2025, while cash distributions to IEnova increased to $79 million from $44 million, reflecting the growing contribution of unconsolidated investments to the company's earnings profile. On Aug. 20,
