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DBRS: Encana notes A (low)
DBRS said it assigned a rating of A (low) with a negative trend to Encana Corp.'s proposed $600 million 3.9% senior unsecured notes due Nov. 15, 2021 and proposed $400 million 5.15% senior unsecured notes due Nov. 15, 2041.
The issues are expected to settle on Nov. 14, 2011.
The new debt will rank equally with all of Encana's existing and future senior unsecured debt, DBRS said.
The proceeds will be used to pay down commercial paper indebtedness and for general corporate purposes, the agency said.
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