Press Release

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

April 11, 2024

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

-- $750 million 5.250% Senior Notes due April 5, 2027
-- $750 million 5.300% Senior Notes due April 5, 2029
-- $1.20 billion 5.625% Senior Notes due April 5, 2034
-- $800 million 5.950% Senior Notes due April 5, 2054

The assigned credit ratings are based upon the credit rating on an already-outstanding series of the above-mentioned debt instrument.

There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at (January 23, 2024),

(A) Weighting of BRA Factors
In the analysis of Enbridge Inc., the BRA factors were considered in the order of importance contemplated in the methodology.

(B) Weighting of FRA Factors
In the analysis of Enbridge Inc., the following FRA factors listed in the methodology are considered more important: cash flow-to-debt ratio and EBIT interest coverage.

(C) Weighting of the BRA and the FRA
In the analysis of Enbridge Inc., the BRA carries greater weight than the FRA.

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

Morningstar DBRS applied the following principal methodology:
-- Global Methodology for Rating Companies in the Pipeline and Midstream Energy Industry (November 7, 2023),

The following criteria have also been applied:
-- DBRS Morningstar Global Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 19, 2023),

-- DBRS Morningstar Global Criteria: Guarantees and Other Forms of Support (March 28, 2023),

The credit rating methodologies used in the analysis of this transaction can be found at:

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

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. Morningstar DBRS trends and credit ratings are under regular surveillance.

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

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