DBRS Upgrades Enbridge Energy Partners, L.P. to BBB (high), Stable Trend

DBRS Limited (DBRS) upgraded Enbridge Energy Partners, L.P.’s (EEP) Senior Unsecured Notes (the Senior Notes) rating to BBB (high) from BBB and confirmed EEP’s Junior Subordinated Notes rating at BB (high) and Commercial Paper rating at R-2 (middle). All trends are Stable. DBRS concurrently discontinued EEP’s Issuer Rating. Going forward, EEP will no longer be an active third-party debt-funding vehicle and its future funding requirements will be met from loan advances and equity injections from Enbridge Inc. (ENB; rated BBB (high) with a Stable trend by DBRS). EEP’s ratings were placed Under Review with Positive Implications on December 17, 2018 (please see the associated DBRS press release for details). The current action removes the ratings from Under Review with Positive Implications.

The Senior Notes’ rating upgrade is consistent with DBRS’s expectations as noted in its December 17, 2018, press release and follows the announcement that ENB has guaranteed the Senior Notes of EEP and that EEP has guaranteed the Medium-Term Notes & Unsecured Debentures (rated BBB (high) with a Stable trend by DBRS) of ENB (the Cross-Guarantees).

EEP’s Junior Subordinated Notes and Commercial Paper ratings are confirmed at the previous levels as they are not included in the Cross-Guarantees.

Notes:
The principal methodologies are Rating Companies in the Pipeline and Diversified Energy Industry, DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers, DBRS Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers and DBRS Criteria: Guarantees and Other Forms of Support, which can be found on dbrs.com under Methodologies & Criteria.

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 under Related Documents or by contacting us at info@dbrs.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

The Senior Notes are fully and unconditionally guaranteed by ENB.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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