DBRS Morningstar Assigns Rating of BBB to Cenovus Energy Inc.’s USD 1,250 Million Unsecured Notes

DBRS Limited (DBRS Morningstar) assigned a rating of BBB with a Stable trend to Cenovus Energy Inc.’s (the Issuer) USD 500 million 2.650% Unsecured Notes, due January 2032, and USD 750 million 3.750% Unsecured Notes, due February 2052 (together, 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 partially finance the repurchase of existing unsecured notes and for general corporate purposes.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
The principal methodologies are Rating Companies in the Oil and Gas and Oilfield Services Industries (August 16, 2021; https://www.dbrsmorningstar.com/research/383104) and DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 2, 2020; https://www.dbrsmorningstar.com/research/369165) which can be found on dbrsmorningstar.com under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (February 3, 2021; https://www.dbrsmorningstar.com/research/373262).

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

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577