Enbridge Gas Inc.: Rating Report

On September 20, 2024, DBRS Limited (Morningstar DBRS) confirmed Enbridge Gas Inc.'s (EGI or the Company) Issuer Rating and Senior Unsecured Notes credit rating at "A" and its Commercial Paper credit rating at R-1 (low). All trends are Stable. The confirmations reflect (1) EGI's stable natural gas distribution business, which operates under a reasonable regulatory environment overseen by the Ontario Energy Board (OEB); and (2) EGI's strong credit metrics and liquidity. The Stable trends reflect Morningstar DBRS' expectation that the Company will continue to generate predictable earnings and cash flow under the proposed 2024-28 rate-setting framework.