DBRS Morningstar Notes Enbridge Inc.’s Commercial Paper Limit Increase

DBRS Limited (DBRS Morningstar) notes that Enbridge Inc. (ENB or the Company) has increased the limit on its Commercial Paper (CP; rated R-2 (high) with a Stable trend by DBRS Morningstar) program to $6.5 billion from $5.5 billion. ENB’s CP program is backstopped by $6.5 billion of syndicated credit facilities. DBRS Morningstar notes that the increased CP limit at ENB replaces the reduced CP limit at Enbridge Pipelines Inc. (CP rating of R-2 (high) with a Stable trend by DBRS Morningstar) where the CP program has been concurrently reduced to $2.0 billion from $3.0 billion.

Based on its review, DBRS Morningstar is satisfied that ENB’s revised CP program limit and its current credit facilities 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 ENB’s CP program limit has no impact on the credit profile of ENB.

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 methodology is 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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