TEXT-S&P affirms Enbridge Inc 'A-' ratings

(The following statement was released by the rating agency)

Nov 10 - Standard & Poor's Ratings Services today said it affirmed its
ratings, including its 'A-' long-term corporate credit rating, on Calgary,
Alta.-based Enbridge Inc. (ENB.TO: Quote, Profile, Research) The outlook is stable.

"In our opinion, the ratings on Enbridge reflect the strong market
position of the company's two major subsidiaries, Enbridge Pipelines Inc. and
Enbridge Gas Distribution Inc.; the company's significant regulated and
long-term contracted cash flows; and its conservative operational risk
management," said Standard & Poor's credit analyst Kenton Freitag. "We believe
high capital outlays and funding pressures associated with the company's
significant growth plans offset these strengths," Mr. Freitag added.

Enbridge is a holding company with wholly and partially owned
subsidiaries that focus primarily on owning and operating natural gas and oil
pipelines in North America. Crude oil transportation is principally undertaken
by the subsidiary Enbridge Pipelines (A-/Stable/--), while gas distribution is
largely the domain of subsidiary Enbridge Gas (A-/Stable/--). Liquids
pipelines provide about 40% of the group's earnings, and gas distribution
represents approximately 26%. Sponsored investments, gas transmission, and
international investments make up the rest.

Enbridge Pipelines operates the world's longest crude oil and liquids
pipeline: the Enbridge System in Canada and the Lakehead System in the U.S.
Enbridge Pipelines owns the Enbridge System; one of Enbridge's sponsored
investments, Enbridge Energy Partners L.P. (BBB/Negative/--), owns the
Lakehead System. The Enbridge System is the dominant pipeline out of Canada's
largest oil-producing region, transporting about two-thirds of western
Canada's crude oil production.

Enbridge Gas is the largest natural gas distributor in Canada, serving
more than 1.9 million customers in central and eastern Ontario. Its monopoly
position supports its strong business risk profile.

The stable outlook reflects our expectation that Enbridge's growth
strategy, although aggressive, will not compromise the company's strong
business risk profile nor materially weaken the financial risk profile in the
long term. Maintaining adequate liquidity is a key risk in the next few
months. Failure to maintain credit line availability near current levels or
material execution difficulties on its projects could lead to a negative
outlook or downgrade. A positive outlook or ratings uplift is not likely,
given the project-related funding pressures during the next three years.

Complete ratings information is available to subscribers of
RatingsDirect, the real-time Web-based source for Standard & Poor's credit
ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings
affected by this rating action can be found on Standard & Poor's public Web
site at www.standardandpoors.com; select your preferred country or region,
then Ratings in the left navigation bar, followed by Credit Ratings Search.
(New York Ratings Team)