DBRS Morningstar Notes Enbridge Pipelines Inc.’s Commercial Paper Limit Reduction

DBRS Limited (DBRS Morningstar) notes that Enbridge Pipelines Inc. (EPI or the Company) has reduced the limit on its Commercial Paper (CP) program to $2.0 billion from $3.0 billion. EPI’s CP program (rated R-1 (low) with a Stable trend by DBRS Morningstar) is currently backstopped by a $2.0 billion syndicated credit facility maturing in July 2023 with a term-out option to July 2024.

Based on its review, DBRS Morningstar is satisfied that the Company’s revised CP program limit and its current credit facility meet DBRS Morningstar’s requirements with respect to the DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers. DBRS Morningstar is of the view that the reduction in EPI’s CP program limit has no impact on the credit profile of EPI.

ESG CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

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/396929.

Notes:
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; https://www.dbrsmorningstar.com/research/387443), and DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 1, 2022; https://www.dbrsmorningstar.com/research/393065), 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 (May 17, 2022; https://www.dbrsmorningstar.com/research/396929).

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

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