DBRS Morningstar Assigns Rating of BBB (high) to Husky Energy Inc.’s $1,250 Million Unsecured Notes Due 2028

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (high) with a Negative trend to Husky Energy Inc.’s (the Issuer) $1,250 million 3.50% Unsecured Notes, due 2028 (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 its unsecured non-revolving term credit facility of $500 million and general corporate purposes.

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:
All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Companies in the Oil and Gas and Oilfield Services Industries (August 23, 2019); DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019); DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 10, 2020); DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 1, 2019); and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 22, 2020), 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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