DBRS Limited (DBRS Morningstar) assigned ratings of BBB (low) with Stable trends to the following Subordinated Notes issued by Enbridge Inc.:
-- The $500 million 7.375% Fixed-to-Fixed Rate Subordinated Notes, Series 2022-B due January 15, 2083
-- The $600 million 7.625% Fixed-to-Fixed Rate Subordinated Notes, Series 2022-C due January 15, 2083
The ratings assigned to these newly issued debt instruments are based on the rating on the already-outstanding series of the above-mentioned securities.
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance (ESG) factors that had a significant or relevant effect on the credit analysis.
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (May 17, 2022).
All figures are in U.S. dollars unless otherwise noted.
The methodology is Rating Companies in the Pipeline and Midstream Energy Industry (November 3, 2021; https://www.dbrsmorningstar.com/research/387443), which can be found on dbrsmorningstar.com under Methodologies & Criteria.
The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.
For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at firstname.lastname@example.org.
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