11:35 AM EDT, 05/31/2024 (MT Newswires) -- Morningstar DBRS confirmed Canadian Natural Resources' ( CNQ ) issuer rating and unsecured long-term debt rating at "A (low)" and its commercial-paper rating at "R-1 (low)."

All trends are stable.

Additionally, the rating agency said that a positive credit-rating action is unlikely in the medium term as this would require a material improvement in the company's business-risk profile, which is already very strong.

A negative credit-rating action, however, is possible if oil prices weaken materially and the company's debt-to-cash flow ratio stays above 1.50x for an extended period, DBRS added.

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