DBRS Morningstar Assigns Rating of BBB (low) to Cenovus Energy Inc.’s USD 1,000 Million Unsecured Notes Due 2025

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (low) with a Negative trend to Cenovus Energy Inc.’s (the Issuer) USD 1,000 million 5.375% Unsecured Notes, due 2025 (the Notes). The rating assigned to the Notes is based on the ratings of other already-outstanding series of the notes of the Issuer.

The Issuer intends to use the net proceeds from the issue of the Notes to repay short-term indebtedness outstanding under its revolving credit facility and other short-term indebtedness.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
The principal methodologies are Rating Companies in the Oil and Gas and Oilfield Services Industries (August 23, 2019) and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

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