Press Release

DBRS Morningstar Assigns Ratings of BBB (high) With Stable Trends to Enbridge Inc.’s Newly Issued Medium Term Notes

November 09, 2022

DBRS Limited (DBRS Morningstar) assigned ratings of BBB (high) with Stable trends to the following Medium Term Notes (Unsecured) (Notes) issued by Enbridge Inc.:

-- $600 million 5.70% Notes due November 9, 2027
-- $900 million 6.10% Sustainability-Linked Notes due November 9, 2032
-- $500 million 6.51% Notes due November 9, 2052

DBRS Morningstar based its assigned ratings on these newly issued debt instruments on the rating of the already-outstanding series of Senior Unsecured Notes.

There were no Environmental/Social/Governance (ESG) 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 (May 17, 2022).

All figures are in Canadian dollars unless otherwise noted.

The principal methodology is Global Methodology for Rating Companies in the Pipeline and Midstream Energy Industry (November 3, 2022), which can be found on under Methodologies & Criteria.

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found 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.

The conditions that lead to the assignment of a Negative or Positive trend are generally 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

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