DBRS Rates Cenovus New Issue at A (low) with a Stable Trend

DBRS has today assigned a rating of A (low) with a Stable trend to Cenovus Energy Inc.’s (Cenovus) new debt issuances (the Notes):

-- $750 million 4.45% unsecured note, maturing on September 15, 2042
-- $500 million 3.00% unsecured note, maturing on August 15, 2022

The Notes are expected to settle on August 17, 2012.

The Notes will rank equally with Cenovus’ existing and future unsecured and unsubordinated indebtedness. Net proceeds from the offering will be used for general corporate purposes, including repayment of commercial paper.

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.