DBRS upgrades Canadian Natural Resources

DBRS said it upgraded Canadian Natural Resources Ltd.'s issuer and unsecured long-term debt ratings to A (low) from BBB (high).

“The improvement in credit metrics is a result of the significant rebound in crude oil prices and correspondingly the company's cash flow, as the negative impact on oil and natural gas markets resulting from the coronavirus disease (Covid-19) pandemic has abated, coupled with the company's efforts to rapidly deleverage its balance sheet,” DBRS said in a press release.

The agency noted Canadian Natural’s cash flow nearly trebled in 2021 and cut its debt by 30%.

The trend is stable.

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