DBRS Comments on Enbridge Inc.’s CP Program Limit Increase to $2.5 Billion

DBRS Limited (DBRS) notes that Enbridge Inc.’s (ENB) Commercial Paper (CP) program limit has been restored to $2.5 billion from $1.0 billion, fully supported by two credit facilities totaling $3.505 billion. In mid-2015, ENB’s CP limit was reduced to $1.0 billion from $2.5 billion following the transfer of its Canadian liquids pipelines business to its Canadian affiliate, Enbridge Income Fund.

DBRS has reviewed the credit facility agreements and the related CP program documents and is satisfied that DBRS’s CP liquidity backup requirements continue to be met. DBRS is of the opinion that this development has no effect on ENB’s CP rating of R-2 (high) with a Stable trend.

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

The principal methodologies are Rating Companies in the Pipeline and Diversified Energy Industry, DBRS Criteria: Rating Corporate Holding Companies and Their Subsidiaries and DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers, which can be found on dbrs.com under Methodologies.

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