Imperial Oil Limited: Rating Report

On June 17, 2020, DBRS Limited (DBRS Morningstar) downgraded the Issuer Rating and Unsecured Debentures rating of Imperial Oil Limited (IMO or the Company) to AA (low) from AA, and confirmed its Commercial Paper (CP) rating at R-1 (middle). All trends are Negative. DBRS Morningstar notes that the Company's CP ratings are mapped from the long-term rating scale and the rating continues to map to R-1 (middle) despite the one-notch downgrade to its Issuer Rating.