DBRS Discontinues Ratings on Canadian Oil Sands Limited

DBRS Limited (DBRS) has today discontinued the Issuer Rating and Senior Unsecured Long-Term Debt rating of Canadian Oil Sands Limited (COS or the Company), as outlined in the table below. As a result of Suncor Energy Inc. (Suncor) completing the acquisition of COS on March 21, 2016, COS will carry on business as a wholly owned subsidiary of Suncor. Suncor does not plan to guarantee COS’s Senior Unsecured Long-Term Debt of approximately $2.0 billion. As a consequence, DBRS deems that future disclosure of financial and other information regarding the subsidiary will be insufficient in order to provide reliable ratings. Therefore, at DBRS’s discretion, the ratings are being discontinued. DBRS further notes the discontinuation of the ratings is not an expression of the credit quality of the issuer nor the credit quality of the Senior Unsecured Long-Term Debt.

Notes:
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

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, which can be found on our website under Methodologies.