DBRS Morningstar Notes Enbridge Gas Inc.’s Commercial Paper Limit Increase

DBRS Limited (DBRS Morningstar) notes that Enbridge Gas Inc. (EGI or the Company) has increased the limit on its Commercial Paper (CP; rated R-1 (low) with a Stable trend by DBRS Morningstar) program to $2.5 billion from $2.0 billion. EGI’s CP program is backstopped by a $2.5 billion syndicated credit facility, which also increased to $2.5 billion from $2.0 billion.

Based on its review, DBRS Morningstar is satisfied that the Company’s revised CP program limit and its current credit facilities meet DBRS Morningstar’s requirements with respect to “DBRS Morningstar Global Criteria: Commercial Paper Liquidity Support for Nonbank Issuers.” DBRS Morningstar believes that the increase in EGI’s CP program limit to $2.5 billion has no impact on the Company’s credit profile.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929 (May 17, 2022).

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

DBRS Morningstar applied the following principal methodologies:
-- Global Methodology for Rating Companies in the Regulated Electric, Natural Gas, and Water Utilities Industry (September 13, 2022) https://www.dbrsmorningstar.com/research/402616
-- DBRS Morningstar Global Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (February 24, 2023) https://www.dbrsmorningstar.com/research/410196

The credit rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://www.dbrsmorningstar.com/research/397223/interplay-of-global-corporate-finance-rating-methodologies-when-analyzing-corporate-finance-transactions.

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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