Press Release

DBRS Morningstar Assigns Rating of BBB (low) With a Stable Trend to Inter Pipeline Ltd.’s $1.25 Billion Senior Unsecured Notes Offering

November 17, 2022

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (low) with a Stable trend to Inter Pipeline Ltd.’s (IPL) $750 million Senior Unsecured Notes, Series 15 and $500 million Senior Unsecured Notes, Series 16 (collectively, the Notes). The assigned rating is based upon the rating on an already-outstanding series of the above-mentioned debt instrument.

DBRS Morningstar notes that IPL plans to use the net proceeds from the Notes offering to repay indebtedness under its credit facilities and for general corporate purposes.

There were no Environmental/Social/Governance factor(s) 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 methodologies are Global Methodology for Rating Companies in the Pipeline and Midstream Energy Industry (November 3, 2022;, Global Methodology for Rating Companies in the Oil and Gas and Oilfield Services Industries (August 31, 2022;, and DBRS Morningstar Global Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 20, 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 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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