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

DBRS has today assigned a provisional rating of A (low), with a Stable trend, to Cenovus Energy Inc.’s (Cenovus) new debt issuance of $800 million, in the combination of a ten-year and a thirty-year note (the Notes).

The Notes will rank equally with the existing and future unsecured and unsubordinated indebtedness of Cenovus. Net proceeds from the offering will be used to partially fund the redemption of the outstanding $800 million 4.50% Senior Notes due September 2014.

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

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