Canadian Natural Resources Limited: Rating Report

On June 4, 2021, DBRS Limited (DBRS Morningstar) changed the trends on Canadian Natural Resources Limited's (the Company) ratings to Stable from Negative and confirmed the ratings as noted above. The trend changes reflect DBRS Morningstar's expectation that the Company's key credit metrics will improve substantially through 2022 to support the ratings. The expected improvement is tied to a recovery in crude oil prices and the Company's focus on deleveraging the balance sheet.