DBRS Rates Enbridge Inc.’s Preferred Share Issue at Pfd-2 (low), Stable Trend

DBRS has today assigned a rating of Pfd-2 (low) with a Stable trend to Enbridge Inc.’s (Enbridge or the Company) $275 million cumulative redeemable preference shares, Series 15 (the Series 15 Preferred Shares).

The Series 15 Preferred Shares were issued by Enbridge under a short form base shelf prospectus dated September 2, 2014, and a prospectus supplement dated September 15, 2014.

DBRS notes that the Series 15 Preferred Shares rank pari passu with all of Enbridge’s outstanding issues of Cumulative Redeemable Preferred Shares, which have a Pfd-2 (low) rating with a Stable trend by DBRS. DBRS also notes that the Series 15 Preferred Shares are subordinated in right of payment to the Company’s debt securities. DBRS understands that net proceeds from the sale of the Series 15 Preferred Shares will be used to partially fund capital projects, to reduce existing indebtedness and for other corporate purposes of the Company and its affiliates.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Pipeline and Diversified Energy Companies (January 2014), which can be found on our website under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.