DBRS Rates Canadian Oil Sands Limited New Issues at BBB, Stable Trend

DBRS has today assigned a rating of BBB with a Stable trend to the following Canadian Oil Sands Limited (COS) new debt issuance:

-- US$400 million 4.5% senior unsecured notes maturing on April 1, 2022.
-- US$300 million 6.0% senior unsecured notes maturing on April 1, 2042.

The issues are expected to settle on or about March 29, 2012.

The new debt will rank equally with all of COS’s existing and future senior unsecured indebtedness. Net proceeds from the offering will be largely used to refinance current unsecured notes maturing on August 15, 2013, as well as for other general corporate purposes.

Notes:

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