Suncor Energy Inc.: Rating Report

On June 15, 2021, DBRS Limited (DBRS Morningstar) changed the trends on Suncor Energy Inc.'s (Suncor or the Company) ratings to Stable from Negative and confirmed its Issuer Rating and Debentures and Medium-Term Notes rating at A (low) and Commercial Paper rating at R-1 (low). Suncor Energy Oil Sands Limited Partnership (SEOSLP) holds the majority of Suncor’s interests in its oil sands assets and is indirectly a wholly owned subsidiary of the Company. Because Suncor's Commercial Paper and Debentures and Medium-Term Notes are guaranteed by SEOSLP, DBRS Morningstar assesses the credit quality for all of Suncor's ratings on a consolidated basis. The trend changes reflect DBRS Morningstar's assessment that the Company's key credit metrics will improve considerably through 2023 on the basis of an expected recovery in crude oil prices and downstream returns, coupled with Company plans to reduce leverage.