DBRS Limited (DBRS Morningstar) discontinued the BBB Issuer Rating and Unsecured Senior Notes rating of Encana Corporation (Encana) to reflect the fact that Encana has completed its reorganization, which included establishing a corporate domicile in the U.S. and rebranding under the name Ovintiv Inc. (Ovintiv). DBRS Morningstar also discontinued the Medium-Term Notes & Debentures rating of Encana as they have been repaid. Following a review of the documentation related to the reorganization, DBRS Morningstar assigned the same BBB Issuer Rating and Unsecured Senior Notes rating to Ovintiv that Encana had previously. Both trends are Stable. DBRS Morningstar believes the reorganization will not have a material enough impact on Ovintiv’s credit profile and assets to merit a change in the ratings.
The principal methodologies are Rating Companies in the Oil and Gas and Oilfield Services Industries (August 2019), DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2019), and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 2020), which can be found on dbrs.com under Methodologies & Criteria.
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The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
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