Suncor Energy Inc.: Rating Report

DBRS Limited (DBRS) confirmed the Issuer Rating and Debentures and Medium-Term Notes rating of Suncor Energy Inc. (Suncor or the Company) at A (low) and Suncor’s Commercial Paper rating at R-1 (low), all with Stable trends. Furthermore, the Senior Notes rating of PC Financial Partnership was confirmed at A (low) with a Stable trend. DBRS notes that PC Financial Partnership was amalgamated with Suncor in late 2014; however, the Senior Notes continue to remain outstanding. Suncor Energy Oil Sands Limited Partnership (SEOSLP) holds the majority of Suncor’s interests in its oil sands assets and is indirectly a wholly owned subsidiary of the Company. Since the Commercial Paper and Debentures and Medium-Term Notes of Suncor are guaranteed by SEOSLP and the Senior Notes issued by PC Financial Partnership are guaranteed by both the Company and SEOSLP, DBRS evaluates the credit quality of all ratings for Suncor on a consolidated basis.