<SEC-DOCUMENT>0001193125-20-015495.txt : 20200409
<SEC-HEADER>0001193125-20-015495.hdr.sgml : 20200409
<ACCEPTANCE-DATETIME>20200127172002
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-20-015495
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brookfield Infrastructure Corp
		CENTRAL INDEX KEY:			0001788348
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION & DISTRIBUTION [4923]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		250 VESEY STREET, 15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
		BUSINESS PHONE:		(212) 417-7000

	MAIL ADDRESS:	
		STREET 1:		250 VESEY STREET, 15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brookfield Infrastructure Partners L.P.
		CENTRAL INDEX KEY:			0001406234
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		73 FRONT STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM12
		BUSINESS PHONE:		441 296-4480

	MAIL ADDRESS:	
		STREET 1:		73 FRONT STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM12
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">1114 Avenue of the Americas</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">23rd Floor</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">New York, New York</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">10036.7703 USA</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Tel&nbsp;&nbsp;&nbsp;&nbsp;212.880.6000</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Fax&nbsp;&nbsp;&nbsp;&nbsp;212.682.0200</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">www.torys.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">January&nbsp;27, 2020 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mara Ransom, Office Chief </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Jennifer L&oacute;pez, Staff Attorney </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Jennifer Thompson, Branch Chief </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Robert Babula, Staff Accountant </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Brookfield Infrastructure Corp. and Brookfield Infrastructure Partners L.P. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Initially Filed on September&nbsp;25, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File Nos. <FONT STYLE="white-space:nowrap">333-233934</FONT> and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-233934-01</FONT></FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;3 to Registration
Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed January&nbsp;27, 2020 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are submitting
this letter on behalf of Brookfield Infrastructure Corporation (the &#147;<B>Company</B>&#148;) and Brookfield Infrastructure Partners L.P. (the &#147;<B>Partnership</B>,&#148; and together with the Company, the &#147;<B>Registrants</B>&#148;) in
response to comments from the staff (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) received by electronic mail dated January&nbsp;13, 2020 relating to Amendment No.&nbsp;2 to the
Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> (Registration Nos. <FONT STYLE="white-space:nowrap">333-233934</FONT> and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-233934-01)</FONT></FONT> of
the Registrants originally filed with the Commission on September&nbsp;25, 2019 (the &#147;<B>Registration Statement</B>&#148;). Amendment No.&nbsp;3 to the Registration Statement (&#147;<B>Amendment No.</B><B></B><B>&nbsp;3</B>&#148;) is being
filed concurrently herewith. The numbered paragraphs below correspond to the numbered comments in the Staff&#146;s letter and the Staff&#146;s comments are presented in bold italics. In addition to addressing the comments raised by the Staff in its
letter, the Registrants have revised Amendment No.&nbsp;3 to update other disclosures. Unless otherwise indicated, defined terms used herein have the meanings set forth in Amendment No.&nbsp;3. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 27, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Amendment No.&nbsp;2 to Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT>
</U></I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Questions and Answers Regarding the Special Distribution </U></I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>How will the special distribution work?, page 14 </U></I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your response to comment 3. Please revise to disclose, as you do in your response, that the
exchange ratio of 1:9 is not final and that the final exchange ratio will be confirmed or changed, closer to the date of the special distribution. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrants respectfully advise the Staff that the board of directors of the general partner of the Partnership will determine the final
distribution ratio before the Registrants will seek effectiveness of the Registration Statement and before the filing of the final prospectus related thereto. Therefore, the prospectus included in the Registrant Statement upon effectiveness and the
final prospectus filed shortly thereafter will reflect the final distribution ratio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Risk Factor </U></I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Our Brazilian business is dependent on a single customer for the majority of our revenues., page 40 </U></I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your disclosure that &#147;[y]our Brazilian business is dependent on a sole customer for the
majority of our revenues.&#148; Please tell us what consideration you have given to the filing of any agreements with this sole customer. Please refer to Item&nbsp;601(b)(10) of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K.</FONT>
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrants respectfully advise the Staff that they do not consider the agreements with the sole customer
to the Brazilian business to be material contracts within the meaning of Item 601(b)(10) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> such that it would warrant filing such agreements as exhibits to the Registration Statement.
Furthermore, the Registrants believe that the filing of such agreements will not provide any additional meaningful disclosure to investors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As disclosed in the Registration Statement, the Partnership&#146;s Brazilian business consists of a strategic infrastructure asset with over
2,000 kilometers of natural gas transportation pipelines in the highly populated Brazilian states of Rio de Janeiro, Sao Paulo and Minas Gerais that is contracted to one customer, an affiliate of Petroleo Brasileiro S.A.
(&#147;<B>Petrobras</B>&#148;), pursuant to five ordinary course long-term <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;ship-or-pay&#148;</FONT></FONT> gas transportation agreements (the &#147;<B>GTAs</B>&#148;). Pursuant
to the GTAs, the Partnership grants Petrobras exclusive use of the pipelines over the term of the GTAs in exchange for certain fixed payments that are consistent with standard tariff rates in Brazil. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Item&nbsp;601(b)(10)(ii) of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K</FONT> provides, in pertinent part, that a contract that
&#147;ordinarily accompanies the kind of business conducted by the registrant and its subsidiaries . . . will be deemed to have been made in the ordinary course of business and need not be filed unless it falls&#148; within certain categories, one
of which includes contracts upon which the registrant&#146;s business is &#147;substantially dependent&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrants believe it
is important to differentiate between a contract that a company is &#147;substantially dependent&#148; upon, and one which should only be considered a &#147;significant contract.&#148; There is no bright line test under Item&nbsp;601(b)(10)(ii)(B)
to determine whether a company is substantially dependent on a particular contract or agreement. Although the Registrants believe that the determination of a significant contract can be based solely on the financial impact it may have on a
company&#146;s business, to be considered substantially dependent the determination must include both qualitative and quantitative measurements. As such, the Registrants do not believe that they are substantially dependent upon the GTAs given the
nature of the arrangement with Petrobras. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 27, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrants advise the Staff that the GTAs are ordinary course arrangements between suppliers
and transporters of natural gas in almost all jurisdictions. The contracted tariff rates paid (or to be paid) by Petrobras are also comparable to other such agreements in other parts of Brazil. Due to the nature of the infrastructure in the
Brazilian natural gas markets, the Registrants are not substantially dependent on the GTAs. The Partnership&#146;s pipelines are a critical natural gas distribution network in Brazil, operating as a natural monopoly and linking natural gas supply to
key Brazilian markets, and any natural gas supplier wishing to transport natural gas to such Brazilian markets must use the Registrants&#146; natural gas transportation pipelines. The Registrants therefore believe that our current sole customer in
Brazil, or any competitor thereof, would be subject to the standard, highly regulated rates provided for by the GTAs even if such agreements were terminated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrants further note that the GTAs do not subject the Registrants to any volume or pricing risk as the agreements are indexed to the
Brazilian General Market Price Index and are regulated by Brazilian Petroleum, Natural Gas and Biofuels Agency, and as such the terms of the actual GTAs would not be material to investors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Accordingly, the Registrants believe that the GTAs are the types of contracts that ordinarily accompany gas transportation arrangements in the
industry and the Registrants are not substantially dependent on them. The Registrants also believe that its current disclosure in the Registration Statement regarding the GTAs provides investors with the material terms of the arrangements, and
investors would not receive any additional information that would be material to their investment decision if the Registrants filed the agreements with the SEC. However, the Registrants undertake to periodically review how they disclose the material
terms of such agreements to ensure that the material information is being provided to investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Liquidity and Capital Resources , page 108
</U></I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your presentation of five year debt repayment schedules on a proportionate basis and
proportionate net debt on page&nbsp;109 and your reconciliation of proportionate debt to consolidated debt on page&nbsp;110. We have the following comments: </I></B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Proportionate debt and proportionate net debt both appear to be
<FONT STYLE="white-space:nowrap">Non-IFRS</FONT> measures. Please revise your disclosure to clearly label these measures as <FONT STYLE="white-space:nowrap">Non-IFRS.</FONT></I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Registrants have revised the disclosure in the section entitled &#147;Use of <FONT
STYLE="white-space:nowrap">Non-IFRS</FONT> Measures&#148; of Amendment No.&nbsp;3 to refer to proportionate debt and proportionate net debt as <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measures. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 27, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Please revise to comply with Item&nbsp;10(e)(1)(i)(A) of
<FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K</FONT> by presenting and analyzing consolidated debt under IFRS with equal or greater prominence to your disclosure and analysis of proportionate debt and proportionate net debt. Also see
Question&nbsp;102.10 of our Compliance and Disclosure Interpretation of <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures.</I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Registrants have revised the disclosure on pages&nbsp;108 and 109 of Amendment No.&nbsp;3. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Your disclosures do not appear to indicate whether or how management uses these <FONT
STYLE="white-space:nowrap">Non-IFRS</FONT> measures. With reference to Item&nbsp;10(e)(1)(i)(D) of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K,</FONT> please confirm our assumption that management does not use these measures; or if our
understanding is incorrect, please revise your disclosure to explain how management uses these measures.</I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The
Registrants advise the Staff that management uses proportionate debt as a measure to evaluate the capital structure of the Company&#146;s ownership portion of its <FONT STYLE="white-space:nowrap">non-wholly-owned</FONT> controlled investments
through evaluating the proportionate leverage that the Company has within a given investee in relation to the Company&#146;s share of invested equity for a <FONT STYLE="white-space:nowrap">non-wholly</FONT> owned consolidated investment.
Specifically, as the Company&#146;s debt is <FONT STYLE="white-space:nowrap">non-recourse</FONT> in nature, repayment of debt is anticipated to be funded with funds from the assets of the underlying operation that is securing the given debt without
cross-collateralization or parental guarantees. Accordingly, the Company endeavors to structure <FONT STYLE="white-space:nowrap">non-recourse</FONT> borrowings on an investment-grade basis, such that cash flows from the operations of the project are
sufficient to meet interest and principal repayments as they become due and the Company utilizes proportionate maturity values as a measure to evaluate the future liquidity requirements of the Company that are required to notionally leverage the
Company&#146;s share of its investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrants have revised the disclosure on page&nbsp;109 of Amendment No.&nbsp;3 to explain
how management utilizes proportionate debt and proportionate net debt. </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 27, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 5 </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Please explain to us in more detail why you believe these measures are meaningful and relevant to
investors. As part of your response, please explain to us whether all of the equity holders in a given project are jointly and severally liable for that project&#146;s debt or whether your debt agreements provide for individual liability for a
proportion of the project debt based on each investor&#146;s ownership percentage of the related project. Also tell us what consequences you would face if you paid your proportion of a debt payment but the
<FONT STYLE="white-space:nowrap">non-controlling</FONT> interest holders did not pay their proportion of the debt payment, such as whether the lender could force the project to cease operations or foreclose on the project assets. If you believe that
both legally and practically, your investors only need to concern themselves with your ability to pay your proportion of project debt rather than each project&#146;s ability to pay its entire project debt, please tell us the basis for your belief in
detail, and revise your disclosures to better convey the limitations of these <FONT STYLE="white-space:nowrap">Non-IFRS</FONT> measures to your investors. We may have further comments after reviewing your response.</I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrants respectfully advise the Staff that the Company&#146;s <FONT STYLE="white-space:nowrap">non-recourse</FONT> borrowings in a
given project or investee do not provide for individual liability for a proportion of the project or investee debt based on each investor&#146;s ownership percentage of the related project or investment.
<FONT STYLE="white-space:nowrap">Non-recourse</FONT> borrowings are a liability of the project or investee as a whole and investors in the project or investee are not jointly and severally liable for such obligations, but are instead obligations of
the vehicle itself, typically a corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Registrants however believe that proportionate debt presentation assists investors and
analysts in estimating the Company&#146;s overall performance and understanding the Company&#146;s share of results and leverage relating to its underlying investments, which have varying economic ownership interests. Specifically, when used in
conjunction with Adjusted EBITDA, the Registrants believe that proportionate debt provides useful information as to how the Company has financed its businesses at the asset-level. Consequently, the Registrants believe that the proportionate
presentation of debt represents a relevant and meaningful measure in order to ascertain the return on invested capital that accrue to our investors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Registrants have provided additional disclosure on page&nbsp;103 of Amendment No.&nbsp;3 to
explain the usefulness and limitations of relying on proportionate debt information as a <FONT STYLE="white-space:nowrap">non-IFRS</FONT> measure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Material United States Federal Income Tax Considerations, page&nbsp;207 </U></I></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your response to comment&nbsp;4 and we reissue the comment
<FONT STYLE="white-space:nowrap">in-part.</FONT> We note disclosure that &#147;the general partner of the partnership intends to take the position and believes that each of the partnership and Holding LP qualifies as an investment partnership..., so
that the special distribution of class A shares to a U.S. unitholder that is an eligible partner qualifies as a <FONT STYLE="white-space:nowrap">non-taxable</FONT> distribution of property&#148; (emphasis added). While we appreciate that counsel is
explicitly stating that it is not rendering an opinion as to &#147;investment partnership&#148; status, please revise to briefly explain why. Please also clarify or explain why the disclosure goes on to state &#147;...so that the special
distribution of Class&nbsp;A shares...qualifies as a <FONT STYLE="white-space:nowrap">non-taxable</FONT> distribution of property,&#148; as it seems to suggest that the general partner, rather than counsel, is rendering an opinion as to the <FONT
STYLE="white-space:nowrap">tax-free</FONT> status of the special distribution to U.S. holders upon the receipt of class&nbsp;A shares. See Sections&nbsp;III.C.1 and&nbsp;3 of Staff Legal Bulletin No.&nbsp;19. </I></B></P></TD></TR></TABLE>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 27, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 6 </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Registrants have revised pages 207 and 213 of
Amendment No.&nbsp;3 to clarify that Torys LLP is not rendering an opinion as to &#147;investment partnership&#148; status, because it depends on the highly factual determination that, for purposes of Section&nbsp;731 of the U.S. Internal Revenue
Code, neither the Partnership nor Holding LP has been engaged in a trade or business since its date of formation in 2008. In addition, the Registrants have revised pages 16, 28, 207, and 213 of Amendment No.&nbsp;3 to clarify that the general
partner is not rendering any opinion as to the <FONT STYLE="white-space:nowrap">tax-free</FONT> status of the special distribution of class A shares to U.S. holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">************************* </P>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 27, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 7 </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Should the Staff have additional questions or comments regarding the foregoing, please do not
hesitate to contact the undersigned at (212) <FONT STYLE="white-space:nowrap">880-6363.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>TORYS LLP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Mile T. Kurta</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Mile T. Kurta</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bahir Manios, Chief
Financial Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Brookfield Infrastructure Corporation and Brookfield Infrastructure Partners L.P. </B></P>
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