DBRS Rates Westcoast Energy Inc.’s $1.0 Billion Short Form Shelf Prospectus at A (low), Stable Trend

DBRS Limited (DBRS) has today assigned a rating of A (low) with a Stable trend to Westcoast Energy Inc.’s (Westcoast) Short Form Base Shelf Prospectus (Shelf Prospectus) dated December 4, 2014, to issue up to $1.0 billion of Medium Term Note Debentures.

DBRS notes that all proposed issuance under the Shelf Prospectus will be direct unsecured obligations of Westcoast 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 methodologies are Rating Pipeline and Diversified Energy Companies (January 2014), DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers (February 2014) and DBRS Criteria: Preferred Share and Hybrid Criteria for Corporate Issuers (Excluding Financial Institutions) (December 2013), which can all be found on our website under Methodologies.

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