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<SEC-DOCUMENT>0000909567-07-001542.txt : 20080219
<SEC-HEADER>0000909567-07-001542.hdr.sgml : 20080218
<ACCEPTANCE-DATETIME>20071212213044
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000909567-07-001542
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20071212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brookfield Infrastructure Partners L.P.
		CENTRAL INDEX KEY:			0001406234
		STANDARD INDUSTRIAL CLASSIFICATION:	LUMBER & WOOD PRODUCTS (NO FURNITURE) [2400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		7 REID STREET
		STREET 2:		4TH FLOOR
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM11
		BUSINESS PHONE:		441 296-4480

	MAIL ADDRESS:	
		STREET 1:		7 REID STREET
		STREET 2:		4TH FLOOR
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM11
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Weil, Gotshal &#038; Manges LLP<BR>
767 Fifth Avenue<BR>
New York, New York 10153
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 36pt">December&nbsp;12, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 32pt">Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549<BR>
Attn: Ms.&nbsp;Jennifer Hardy
</DIV>


<DIV style="margin-top: 21pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>Re:&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Brookfield Infrastructure Partners L.P.</B><BR>
<B>Registration Statement on Form&nbsp;20-F</B><BR>
<B>Filed July&nbsp;31, 2007</B><BR>
<B>File No.&nbsp;001-33632</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 16pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of our client, Brookfield Infrastructure Partners L.P. (the &#147;partnership&#148;), we are
transmitting herewith via EDGAR for filing with the Commission Amendment No.&nbsp;3 to the partnership&#146;s
Registration Statement on Form 20-F (File No.&nbsp;001-33632) (the &#147;Registration Statement&#148;). In
connection with such filing, set forth below are the partnership&#146;s responses to each of the
comments of the Staff of the Division of Corporation Finance set forth in the Staff&#146;s letter dated
December&nbsp;3, 2007. Under separate cover we are sending to the Staff courtesy copies of Amendment
No.&nbsp;3 and Exhibit&nbsp;12.1 thereto marked to show changes effected in this amendment. Immediately
following each of the Staff&#146;s comments set forth in bold below is the partnership&#146;s response to
that comment, including where applicable a cross-reference to the location of changes made in
response to the Staff&#146;s comment. For your convenience, each of the numbered paragraphs below
corresponds to the numbered comment in the Staff&#146;s letter and includes the caption used in the
Staff&#146;s letter. In addition, set forth at the conclusion of this letter are details of further
revisions that have been made as a result of the partnership&#146;s reconsideration of prior comment 12
in the Staff&#146;s letter dated November&nbsp;6, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Registration Statement on Form&nbsp;20-F</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>General</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please note that we will not be in a position to clear the </B><B>Form 20-F</B><B> until we clear your
request for confidential treatment of portions of Exhibit&nbsp;4.7.</B></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We await the Staff&#146;s response to the request for confidential treatment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Index to Exhibits, page 9</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please disclose that certain portions of Exhibit&nbsp;4.7 are omitted pursuant to a request for
confidential treatment pursuant to Rule&nbsp;24b-2 of the Securities Exchange Act of 1934.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Index to Exhibits on page 9 has been revised in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;12.1</B></U><BR>
<U><B>Summary of Selected Financial Information, page 7</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your revised presentation of the reconciliation of funds from operations to net
income in response to comment 8 in our letter dated November&nbsp;6, 2007. Specifically, we note
that you are eliminating the performance fees related to the Island Timberlands operations due
to Brookfield Asset Management. We further note your disclosure on page 43 that you expect to
accrue this type of fee in the future, which would indicate this is a recurring expense. As
such, it is unclear to us how you determine the elimination of the performance fee does not
violate Item&nbsp;</B><B>10(e)(1)(ii)</B><B>(B) of Regulation&nbsp;S-K. Please either remove the elimination of
performance fee in presenting funds from operations. Otherwise, provide us with your analysis
of </B><B>Item 10(e)</B><B> of Regulation&nbsp;S-K with reference to Question 8 of the SEC &#147;Frequently Asked
Questions Regarding the Use of Non-GAAP Financial Measures&#148; as to how you determined the
elimination of performance fees is not a violation.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The elimination of the performance fee from funds from operations does not violate Item
10(e)(1)(ii)(B) of Regulation&nbsp;S-K because the purpose of such elimination is not to adjust
funds from operations to eliminate an item identified as non-recurring, infrequent or
unusual. Instead, the performance fee accrued in 2006 is eliminated because the accrual of
this expense resulted from an increased appraised value of timber and HBU lands, the
benefits of which were not reflected in the results for the year. Management of the
partnership focuses on performance before the effect of this fee because it believes that
over time the financial impact of the fee will be more than offset by increased income
associated with the increased value of these assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, this performance fee is the type of fee discussed on page 98 of Exhibit&nbsp;12.1
under &#147;Incentive Distributions&#148; that would have reduced any incentive distribution that
would otherwise have been made to Brookfield as the general partner of the Infrastructure
Partnership had the spin-off occurred prior to the accrual of the performance fee. In order
to avoid duplication, incentive distributions by the Infrastructure Partnership to
Brookfield will generally be</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduced by any comparable performance or incentive distributions made by the Infrastructure
Partnership&#146;s holding or operating entities. The incentive distributions to Brookfield
that will be so credited will be distributions on equity that will not impact funds from
operations. Although investors in the partnership will benefit from any reductions to
incentive distributions made by the Infrastructure Partnership, such reductions will not be
reflected in funds from operations if the applicable fee is not eliminated in the
calculation thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the foregoing reasons, the partnership believes it is appropriate to measure operating
performance by eliminating the effect of this fee. This is reflected in the partnership&#146;s
distribution policy discussed on pages 39-40 of Exhibit&nbsp;12.1, which policy was determined
based in part on an analysis of historical funds from operations calculated without the
effect of this performance fee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With regard to Question 8 of the SEC &#147;Frequently Asked Questions Regarding the Use of
Non-GAAP Financial Measures,&#148; the response to such question acknowledges that &#147;there is no
<I>per se </I>prohibition against removing a recurring item&#148; from a non-GAAP measure so long as
the registrant meets &#147;the burden of demonstrating the usefulness of any measure that
excludes recurring items . . .&#148; As discussed above, the partnership believes it is
appropriate to measure performance without giving effect to this fee since the anticipated
benefit of the increased value of the assets that were the subject of the appraisal that
resulted in the fee would not otherwise be reflected in the measure. Although not
reflected in the results for the applicable period, the partnership believes that over time
it will realize the increased value of the assets in its results, which will more than
offset the effect of the fee on the partnership&#146;s financial performance for the period. In
addition, following the spin-off this type of fee will reduce any incentive distribution
that will otherwise be made to Brookfield by the Infrastructure Partnership, which credit
would not be reflected in funds from operations without the elimination of the fee. For
these reasons, the partnership believes it is useful to analyze performance before the
effect of this fee and, as discussed above, such an analysis was part of the basis for
determining the partnership&#146;s distribution policy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 43 in response to the Staff&#146;s comment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you have included a reconciliation of funds from operations to cash flow from
operating activities in response to a comment from the Ontario Securities Commission. Based
on the reconciliation, it appears as though funds from operations as a liquidity measure would
violate Item&nbsp;</B><B>10(e)(1)(ii)</B><B>(A) of Regulation&nbsp;S-K as it eliminates cash items. Further, US
investors may perceive the reconciliation to cash flow from operating activities as an
indication that it is a liquidity measure. As such, please include cautionary disclosure that
explains why the presentation is being included and notifies US investors that reconciling
funds from operations to cash flow from operating activities violates </B><B>Item 10(e)</B><B> of Regulation</B>&nbsp;<B>S-K.</B></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages 8, 44 and 45 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Critical Accounting Policies and Estimates, page 54</B></U><BR>
<U><B>Goodwill, page 55</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>It is unclear how your response to comment 14 in our letter dated November&nbsp;6, 2007 addresses
the comment. As previously requested, please revise your disclosure for goodwill to disclose
any reporting units with carrying values that do not materially differ from the estimated fair
value. Disclosure for such reporting units should include (a)&nbsp;the amount of goodwill for the
reporting unit, (b)&nbsp;the carrying value of the reporting unit, and (c)&nbsp;the estimated fair value
of the reporting unit. Otherwise, please confirm to us that each of your reporting units have
estimated fair values that significantly exceed the corresponding carrying values.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The partnership confirms that the each of its reporting units have estimated fair values
that significantly exceed the corresponding carrying values.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Unaudited Pro Forma Financial Statements, page 57</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>As previously requested, please revise note 1.a.ii to provide an explanation of the steps
that need to be completed to finalize the purchase price allocation, including the assets
and/or liabilities that are subject to change.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been modified on page 65 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Prior Comment from Staff Letter Dated November&nbsp;6, 2007</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your reference to an independent valuation regarding your estimation of Island
Timberlands&#146; performance fee, which is subject to claw backs in certain conditions. Please
identify the party who performed the independent valuation and provide their consent or delete your
reference to them throughout the </B><B>Form 20-F</B><B> including exhibits. Refer to </B><B>Section 436(b)</B><B> of
Regulation&nbsp;C.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After reconsideration, the partnership has determined to delete the references to third
party appraisals in response to the Staff&#146;s prior comment 12. Exhibit&nbsp;12.1 has been
revised on page 57 and Exhibits 15(a).6 and 15(a).7 have been deleted from the Exhibit
list.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * * *
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should any questions arise in connection with the filing or this response letter, please
contact the undersigned at (212)&nbsp;310-8199.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 40%">Sincerely yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 40%">/s/ Joshua Robinson<BR>
Joshua Robinson

</DIV>

<DIV style="margin-top: 46pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">cc:&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Andrew Schoeffler<BR>
Tracey Houser<BR>
Al Pavot<BR>
Securities and Exchange Commission<BR><BR>
James Keyes<BR>
Brookfield Infrastructure Partners L.P.<BR>
Canon&#146;s Court<BR>
22 Victoria Street<BR>
Hamilton, HM 12 Bermuda</TD>
</TR>

</TABLE>
</DIV>


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