Westcoast Energy Inc.: Rating Report

On September 3, 2021, DBRS Limited (DBRS Morningstar) confirmed Westcoast Energy Inc.’s (Westcoast or the Company) Issuer Rating and Senior Unsecured Notes rating at A (low) and its Preferred Shares rating at Pfd-2 (low), all with Stable trends. DBRS Morningstar determines its ratings by evaluating the Company’s pipeline operations combined with the benefits of substantial dividends from an “A”-rated entity, as described below. The rating confirmations reflect the regulated, cost-of-service (COS) nature of the Company's natural gas pipeline operations and investment in a strong natural gas distribution franchise (described below), supported by improved credit metrics, at levels that are acceptable for the current ratings, in the last 12 months (LTM) ended June 30, 2021, and that DBRS Morningstar expects to be maintained over the medium term. The Company’s liquidity position remains adequate.