Press Release

DBRS Morningstar Assigns Rating of BBB (low), Stable Trend, to Enbridge Inc.’s Newly Issued Fixed-to-Fixed Rate Subordinated Notes

January 19, 2022

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (low) with a Stable trend to Enbridge Inc.’s $750 million 5.00% fixed-to-fixed rate subordinated notes Series 2022-A maturing on January 19, 2082. The rating assigned to the Notes is based upon the rating on the already-outstanding series of Subordinated Notes.

The net proceeds will be used for redemption of its issued and outstanding Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 17, which are redeemable on March 1, 2022, and pending such repayment, to repay short-term indebtedness as well as 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

All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Companies in the Pipeline and Midstream Energy Industry (November 3, 2021; and DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 21, 2021;, which can be found on 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;

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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 or contact us at

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