S&P rates Sempra notes BBB-

S&P said it assigned its BBB- rating to Sempra Infrastructure Partners LP's senior unsecured notes.

“We rate the unsecured debt issued at SI's holding company BBB-, one notch below our issuer credit rating (ICR) of BBB on SI, because priority debt reflects more than 50% of SI's consolidated debt. We use a proportional consolidation approach to the extent of the company's ownership in projects, such as its 50.2% interest in the Cameron LNG LLC (A/stable) joint venture, to determine SI's consolidated debt,” S&P said in a press release. The agency assigned the BBB issuer rating in October.

The company could use the proceeds for general corporate purposes, which may include the repayment of certain indebtedness of its subsidiaries.

The outlook is negative.

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