DBRS Rates Encana Corporation’s New Issues at A (low), Negative Trend

DBRS has today assigned a rating of A (low) with a Negative trend to the following Encana Corporation (Encana) new debt issuance:

(1) Proposed $600 million 3.9% senior unsecured notes maturing November 15, 2021.

(2) Proposed $400 million 5.15% senior unsecured notes maturing November 15, 2041.

The issues are expected to settle on November 14, 2011.

The new debt will rank equally with all of Encana’s existing and future senior unsecured debt. Net proceeds from the offering will be used to pay down commercial paper indebtedness and for general corporate purposes.

Notes:
All figures in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Oil and Gas Companies, which can be found on the DBRS website under Methodologies.