Fitch lifts IEnova

Fitch Ratings said it upgraded the long-term foreign- and local-currency issuer default ratings of Infraestructura Energetica Nova, SAB de CV and subsidiaries (IEnova) to BBB+ from BBB. Fitch also boosted IEnova's senior unsecured notes due 2028, 2048 and 2051 to BBB+ from BBB.

“The upgrade for IEnova’s IDR follows the re-assessment of the linkage with its parent Sempra Infrastructure Partners, LP (SIP) (BBB+/stable). Fitch believes that IEnova benefits from its relationship with SIP and its ratings have been equalized to those of the parent. Fitch deems IEnova's stand-alone credit profile (SCP) as bbb, which is limited by the credit quality of its off-takers,” Fitch said in a press release.

The outlook is stable.

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