Fitch rates IEnova, notes BBB+

Fitch Ratings said it assigned long-term foreign and local currency issuer default ratings of BBB+ to Infraestructura Energetica Nova, SAB de CV (IEnova).

The outlook is stable.

The agency also expects to assign a long-term rating of BBB+(EXP) to the company's proposed senior unsecured note issuance of up to $840 million.

The company expect to use the proceeds for refinancing short-term debt and for general corporate purpose.

Fitch said the ratings reflect a strong competitive position in the highly regulated energy environment in Mexico (BBB+/stable). The ratings indicate a solid financial profile, relatively low leverage and stable and predictable cash flow generation supported by long-term fixed take or pay agreements with investment grade off takers.

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