DBRS Morningstar Assigns Ratings of BBB (low) With Stable Trends to Enbridge Inc.'s Newly Issued Subordinated Notes

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).

Notes:

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 [e-mail]' >[e-mail].

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