{"id":1425,"date":"2007-11-06T21:40:45","date_gmt":"2007-11-07T01:40:45","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1425"},"modified":"2007-11-06T21:40:45","modified_gmt":"2007-11-07T01:40:45","slug":"enbpra-dbrs-puts-ratings-on-negative-trend","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1425","title":{"rendered":"ENB.PR.A : DBRS Puts Ratings on &quot;Negative Trend&quot;"},"content":{"rendered":"<p><a href=\"http:\/\/www.dbrs.com\">DBRS<\/a> has announced:<\/p>\n<blockquote><p>DBRS has confirmed the ratings on the Medium-Term Notes &#038; Unsecured Debentures (long-term debt) and Cumulative Redeemable Preferred Shares (preferred shares) of Enbridge Inc. (Enbridge or the Company) at \u201cA\u201d and Pfd-2 (low), respectively, with the trends changed to Negative from Stable.<br \/>\n<strong>&#8230;<\/strong><br \/>\nThe rating confirmations and trend changes to Negative on the long-term debt and preferred share ratings reflect the following:<\/p>\n<p>(1) The Company\u2019s ongoing capital expenditure program (including $6.5 billion of committed and $2.5 billion of \u201cin development\u201d liquids pipelines projects over the 2007 to 2011 period, and the potential for additional projects that would raise the total to $12.2 billion) continues to increase, reflecting principally higher costs than originally anticipated and the addition of new projects. This will require substantial external funding, including debt issuance, potential asset monetization and equity financing over the medium term.<br \/>\n<strong>&#8230;<\/strong><\/p><\/blockquote>\n<p>The preferreds continue to be rated P-2 by <a href=\"http:\/\/www.standardandpoors.com\">S&#038;P<\/a>.<\/p>\n<p>The bonds are at A (negative trend) by DBRS, A- by S&#038;P. <a href=\"http:\/\/www.moodys.com\">Moody&#8217;s<\/a> doesn&#8217;t rate the prefs, but downgraded the bonds from A3 to Baa1 in March 2007. <a href=\"http:\/\/www.fitchratings.com\">Fitch<\/a> rates neither.<\/p>\n<p><strong>Update:<\/strong> ENB.PR.A has <a href=\"http:\/\/www.prefblog.com\/?p=267\">been previously noted<\/a> as an issue occasionally trading at a negative Yield-to-Worst.\u00a0At its current quote of 24.96-08, this isn&#8217;t a major concern &#8211; but it is callable at par commencing December 2, so there&#8217;s not much upside to the issue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DBRS has announced: DBRS has confirmed the ratings on the Medium-Term Notes &#038; Unsecured Debentures (long-term debt) and Cumulative Redeemable Preferred Shares (preferred shares) of Enbridge Inc. (Enbridge or the Company) at \u201cA\u201d and Pfd-2 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1425","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1425"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1425\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}