Gibson Energy Inc.: Rating Report

On April 29, 2020, DBRS Limited (DBRS Morningstar) confirmed Gibson Energy Inc's (Gibson or the Company) Issuer Rating and Senior Unsecured Notes (Senior Notes) rating at BBB (low). All trends are Stable. The ratings are supported by relatively stable and contracted cash flows from the Company’s infrastructure assets, primarily crude oil storage terminals and gathering pipelines, and a strong competitive position. Gibson’s ratings are constrained by earnings volatility in its Marketing segment, lack of geographic diversification, and a high dividend payout ratio.