Morningstar DBRS Assigns Rating of A (low), Under Review with Negative Implications to Canadian Natural Resources Limited's Unsecured Notes Offering

DBRS, Inc. (Morningstar DBRS) assigned a rating of A (low), Under Review with Negative Implications to Canadian Natural Resources Limited's (CNRL or the Company) offering of (1) $500 million 4.150% Notes (Unsecured), due December 15, 2031; (2) USD 750 Million 5.000% Notes (Unsecured), due December 15, 2029; and (3) USD 750 Million 5.400% Notes (Unsecured), due December 15, 2034. Morningstar DBRS notes that the Company intends to use the net proceeds from the Notes offering to refinance short-term indebtedness and for general corporate purposes.

The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. Please refer to https://dbrs.morningstar.com/research/440931 for more information, including all relevant disclosures.

BUSINESS RISK ASSESSMENT (BRA) AND FINANCIAL RISK ASSESSMENT (FRA)

A) Weighting of BRA Factors

In the analysis of CNRL, the BRA factors were considered in the order of importance contemplated in the methodology.

B) Weighting of FRA Factors

In the analysis of CNRL, the FRA factors were considered in the order of importance contemplated in the methodology.

C) Weighting of the BRA and the FRA

In the analysis of CNRL, the BRA carries greater weight than the FRA.

All figures are in Canadian dollars unless otherwise noted.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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