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Husky Energy Cut on Cenovus Combination

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On January 4, 2021, S&P Global Ratings lowered its LT issuer credit and senior unsecured debt ratings on Husky Energy Inc. to BBB- from BBB. On December 15, 2020, Cenovus Energy Inc. and Husky Energy Inc. announced that substantially all their respective shareholders and Husky's preferred stock shareholders approved the companies' proposed combination. The combination with Cenovus has reduced the ownership interest of Husky's major shareholder group, which includes CK Hutchison Holdings Ltd. from about 70% to 27% of Cenovus. At this ownership level and with the resulting proportionate representation on the Cenovus board of directors, CK Hutchison and its related entities now hold a minority interest in the Company. At this ownership level, the ratings agency does not believe this shareholder group has influence over Cenovus' strategic decision-making.

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