Credit Ratings



Enbridge Inc.

Security Standard & Poors Moody's DBRS Fitch
Outlook Stable Negative Stable Stable
Senior Unsecured Debt BBB+ Baa2 BBB (High) BBB+
Preferred Shares P-2(low)1 Ba13 Pfd-3 (High) BBB-
Commercial Paper A -1(Low)2 P-2 R-2 (High) F2
  1. Reflects Canadian Scale. Rated BBB- on global scale.
  2. Reflects Canadian Scale. Rated A-2 on global scale for US program.
  3. Moody's ratings applies only to Series A, B, D, and F.

Enbridge Pipelines Inc.

Security Standard & Poors Moody's DBRS
Outlook Stable - Stable
Unsecured Debentures & MTNs BBB+ - A
Commercial Paper A -1(Low) - R-1 (Low)

Enbridge Gas Distribution

Security Standard & Poors Moody's DBRS
Outlook Stable - Stable
Unsecured Debentures & MTNs BBB+ - A
Preferred Shares P-2(low) - Pfd-2 (Low)
Commercial Paper A -1(Low) - R-1 (Low)

Enbridge Energy Partners

Security Standard & Poors Moody's DBRS Fitch
Outlook Stable Stable Stable Stable
Senior Unsecured Debt (MLP) BBB Baa3 BBB BBB
Junior Subordinated Notes BB+ Ba1 BB (high) -
Preferred Shares BB+ - - -
Commercial Paper A -2 P-3 R-2 (Mid) F2
Senior Unsecured Debt (OLP) BBB Baa2 - -

Enbridge Income Fund

Security Moody's DBRS
Outlook Negative Stable
Senior Unsecured Debt Baa2 BBB (High)

For more information on the specific rating scales used, please visit the individual agency's website. A link to each agency is provided in the above headers.

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