DBRS Morningstar Assigns Credit Ratings of BBB (high) to Enbridge Inc.’s Newly Issued Senior Unsecured Notes; Places Under Review With Developing Implications

DBRS Limited (DBRS Morningstar) assigned credit ratings of BBB (high) to the following Senior Unsecured Notes issued by Enbridge Inc., and placed the credit rating Under Review with Developing Implications:

-- $750 million 5.90% Senior Notes due November 15, 2026
-- $750 million 6.00% Senior Notes due November 15, 2028
-- $750 million 6.20% Senior Notes due November 15, 2030
-- $1,250 million 6.70% Senior Notes due November 15, 2053

The newly issued debt instruments are guaranteed by Enbridge Energy Partners, L.P. (rated BBB (high), Under Review with Developing Implications by DBRS Morningstar) and Spectra Energy Partners, LP, both of which are indirect, wholly owned subsidiaries of Enbridge Inc.

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

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

Notes:
All figures are in U.S. dollars unless otherwise noted.

DBRS Morningstar applied the following principal methodologies:
-- Global Methodology for Rating Companies in the Pipeline and Midstream Energy Industry (November 7, 2023; https://www.dbrsmorningstar.com/research/422993)
-- DBRS Morningstar Global Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 19, 2023; https://www.dbrsmorningstar.com/research/ 422134)
-- DBRS Morningstar Global Criteria: Guarantees and Other Forms of Support (March 28, 2023; https://www.dbrsmorningstar.com/research/411694)

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.

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 credit 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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