DBRS Rates Enbridge Income Fund’s New Issue at BBB (high), Stable Trend

DBRS Limited (DBRS) has today assigned a rating of BBB (high) with a Stable trend to Enbridge Income Fund’s (the Fund) issue of $1,080 million Unsecured Medium Term Notes, Series 11, 12 and 13 (collectively, the MTN Notes) as follows:

1. $330 million 2-year Unsecured Medium Term Notes, Series 11, maturing November 21, 2016;
2. $500 million 10-year Unsecured Medium Term Notes, Series 12, maturing November 19, 2024;
3. $250 million, 30-year Unsecured Medium Term Notes, Series 13, maturing November 21, 2044.

The Series 11, 12 and 13 MTN Notes will be direct unsecured obligations of the Fund ranking equally and pari passu, except as to redemption, purchase fund, amortization fund and/or sinking fund provisions, with all other unsecured and unsubordinated indebtedness of the Fund.

The net proceeds from the sale of the MTN Notes will be used by the Fund for the repayment of existing indebtedness, including related party indebtedness to Enbridge Inc. incurred in connection with the Transaction (as defined in the final short form base shelf prospectus dated November 4, 2014), for capital expenditures and for general corporate purposes.

Notes:

All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Pipeline and Diversified Energy Companies, which can be found on the DBRS website under Methodologies.