DBRS Rates Canadian Natural Resources Limited’s New Issue at BBB (high) with a Stable Trend

DBRS has today assigned a rating of BBB (high) with a Stable trend to Canadian Natural Resources Limited’s (CNRL) issuance of $500 million 2.60% Senior Unsecured Notes and $500 million 3.55% Senior Unsecured Notes (collectively, the Notes) due December 3, 2019 and June 3, 2024, respectively.

The Notes were issued pursuant to a short-form base shelf prospectus dated November 1, 2013, as supplemented by a prospectus supplement dated May 29, 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 general corporate purposes and repayment of debt.

Note:
All figures are in Canadian dollars unless otherwise noted.

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.