Press Release

Morningstar DBRS Assigns a Credit Rating of A (low) With a Stable Trend to Enbridge Inc.'s USD 2.25 Billion Senior Note Issuance

Energy
June 19, 2025

DBRS Limited (Morningstar DBRS) assigned a rating of A (low) with a Stable trend to the following Senior Notes issued by Enbridge Inc. (Enbridge; rated A (low) with a Stable trend by Morningstar DBRS).

-- USD 400 Million 4.60% Senior Notes due June 20, 2028
-- USD 600 Million 4.90% Senior Notes due June 20, 2030
-- USD 900 Million 5.55% Senior Notes due June 20, 2035
-- USD 350 Million 5.95% Senior Notes due April 5, 2054

Enbridge intends to use the net proceeds of the issuance to repay existing indebtedness, to finance future growth opportunities, including acquisitions, if any, and capital expenditures or for other 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 press release dated June 28, 2024 (https://dbrs.morningstar.com/document/435214) for more information, including all relevant disclosures.

The ratings listed above are based on the Prospectus Supplement dated June 16, 2025; Term Sheet dated June 16, 2025 and information provided by Enbridge Inc. to Morningstar DBRS as of June 18, 2025.

Continuation of the rating is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted rating.

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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