Press Release

DBRS Morningstar Assigns Rating of BBB (high) with a Negative Trend to Canadian Natural Resources Limited’s Medium-Term Unsecured Notes Offering

November 16, 2020

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (high) with a Negative trend to Canadian Natural Resources Limited’s (CNRL or the Company) offering of three- and seven-year Medium-Term Unsecured Notes (the Notes) for $500 million and $300 million, respectively. The rating assigned to the Notes is based on the rating of other already-outstanding series of notes of the Company. DBRS Morningstar notes that the Company plans to use the net proceeds from the Notes offering primarily for refinancing CNRL’s outstanding indebtedness and for 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:

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 17, 2020) and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2, 2020), which can be found on under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release:

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.

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