DBRS Morningstar Assigns Credit Ratings of “A” With Stable Trends to Enbridge Gas Inc.’s Newly Issued Unsecured Medium Term Notes

DBRS Limited (DBRS Morningstar) assigned credit ratings of “A” with Stable trends to the following Medium Term Notes (Unsecured) issued by Enbridge Gas Inc. (the Issuer). The credit ratings assigned to these newly issued debt instruments are based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument.

-- CAD 250 million 5.460% Medium Term Notes (Unsecured) due October 6, 2028
-- CAD 400 million 5.700% Medium Term Notes (Unsecured) due October 6, 2033
-- CAD 350 million 5.670% Medium Term Notes (Unsecured) due October 6, 2053

The net proceeds will be used for repayment of short-term indebtedness, capital expenditures, and general corporate purposes.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
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 https://www.dbrsmorningstar.com/research/416784 (July 4, 2023).

Notes:
All figures are in Canadian dollars unless otherwise noted.

DBRS Morningstar applied the following principal methodologies:
-- Global Methodology for Rating Companies in the Regulated Electric, Natural Gas, and Water Utilities Industry (September 27, 2023; https://www.dbrsmorningstar.com/research/421106)
-- DBRS Morningstar Global Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (February 24, 2023; https://www.dbrsmorningstar.com/research/410196)

The credit rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://www.dbrsmorningstar.com/research/397223/interplay-of-global-corporate-finance-rating-methodologies-when-analyzing-corporate-finance-transactions.

The credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

DBRS Morningstar had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

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.

Information regarding DBRS Morningstar credit ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com or contact us at [email protected].

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