Fitch places IEnovas rating on Watch Negative
MEXICO CITY: Infraestructura Energetica Nova (IEnova), a Mexican company committed to the long-term sustainable development of the country, announced that Fitch has placed IEnova’s rating on Watch Negative: BBB+ /Watch Negative (from BBB+ / Stable).
The modification to Watch Negative corresponds to the delays of Comisi n Federal de Electricidad (CFE) in issuing the proof of acceptance constancia de aceptaci n, that would allow the Sur de Texas Tuxpan Marine Pipeline to enter commercial operations, as well as the arbitration requests sent to certain developers of natural gas pipelines.
Fitch maintains IEnova s long-term issuer default rating and senior unsecured rating at BBB+. This rating reflects the company’s strong competitive position, its adequate capital structure, stable and predictable cash flow generation supported by long-term agreements signed with investment grade counterparties, and no material commodity exposure.
IEnova’s ratings also reflect its solid position, access to liquidity, and the support of its majority shareholder, Sempra Energy (BBB+ /Stable).
IEnova reaffirms its commitment to maintain a healthy balance sheet, which will allow us to continue developing energy infrastructure that contributes to the growth of the country, while remaining disciplined in project execution, said Tania Ortiz Mena, CEO.