DBRS Rates Canadian Natural’s New Issues at BBB (high), Stable Trend

DBRS has today assigned a rating of BBB (high) with a Stable trend to the following new debt issuance of Canadian Natural Resources Limited (CNRL):

(1) Proposed $500 million 1.45% unsecured medium-term notes maturing on November 14, 2014.

(2) Proposed $500 million 3.45% unsecured medium-term notes maturing on November 15, 2021.

The issues are expected to settle on November 16, 2011.

The new debt will rank equally with CNRL’s existing and future senior unsecured debt. Net proceeds from the offering will be used to pay down outstanding bank indebtedness.

Notes:
All figures are 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.