DBRS Rates Union Gas $1.5 Billion Short Form Shelf Prospectus at “A,” Stable Trend

DBRS Limited (DBRS) has today assigned an “A” rating with a Stable trend to Union Gas Limited’s (Union Gas or the Company) Short Form Base Shelf prospectus (the Shelf Prospectus) dated December 4, 2014, to issue up to $1.5 billion of Medium Term Note Debentures.

DBRS notes that all proposed issuance under the Shelf Prospectus will be direct unsecured obligations of Union Gas ranking pari passu, except as to redemption and/or sinking fund provisions, with all other unsecured and unsubordinated indebtedness of the Company. The net proceeds from the issue will be used to reduce or replace outstanding indebtedness, to finance capital expenditures and investments of the Company, and for working capital purposes.

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

The applicable methodology is Rating Companies in the Regulated Electric, Natural Gas and Water Utilities Industry (October 2014) and DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers (February 2014), which can be found on our website under Methodologies.