Enbridge Income Fund -- Moody's Affirms Enbridge Income Fund's Baa2 rating on dropdowns; outlook stable

Toronto, September 23, 2014 -- Moody's Investors Service has affirmed the ratings on Enbridge Income Fund (EIF), including its Baa2 senior unsecured rating. The rating outlook remains stable. This action follows EIF's dropdown announcement that the Fund has entered into agreements to acquire 50% of Alliance Pipeline L.P.(Alliance US: A3 stable) and 100% of the newly created Class A Units of Southern Lights Pipeline (not rated) for $1.76 billion. Upon close, expected in November 2014, the acquisitions will increase EIF's size and scale, a credit positive, but financial credit ratios will remain weak for the rating . The transaction does not materially change EIF's overall business risk in the near term, however it does increase the EIF's exposure to Alliance pipeline re-contracting risk.

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