DBRS Rates Canadian Natural Resources Limited’s New Issue at BBB (high) with Developing Implications

DBRS has today assigned a rating of BBB (high) with Developing Implications to Canadian Natural Resources Limited’s (CNRL) issuance of USD 500 million 3-month LIBOR +0.375% Senior Unsecured Floating Rate Notes due March 30, 2016, and USD 500 million 3.80% Senior Unsecured Notes due April 15, 2024 (the Notes). The Notes settled on March 31, 2014.

The Notes were issued pursuant to a short form base shelf prospectus dated November 1, 2013, as supplemented by a prospectus supplement dated March 26, 2014. The above-noted issue of the Notes ranks pari passu with CNRL’s existing and future unsecured and unsubordinated indebtedness. Net proceeds from the sale of the Notes will be used by CNRL for repayment of bank debt.

Note:
All figures are in U.S. dollars unless otherwise noted.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is Rating Companies in the Oil and Gas Industry (July 2013), which can be found on our website under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.