DBRS Limited (DBRS Morningstar) finalized its provisional rating of BB (high) with a Stable trend on the Fixed-to-Fixed Rate Subordinated Notes, Series 1 of $600 million (the Subordinated Notes) due January 25, 2081, issued by Pembina Pipeline Corporation (the Company or the Issuer).

The Issuer intends to use the net proceeds from the sale of the Subordinated Notes to redeem or repurchase the Company's outstanding cumulative redeemable minimum rate reset Class A Preferred Shares, Series 11, and its cumulative redeemable minimum rate reset Class A Preferred Shares, Series 13, to repay other outstanding indebtedness, as well as for general corporate purposes.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:

All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Companies in the Pipeline and Diversified Energy Industry (November 19, 2020), DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 2, 2020), and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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Ratings

Date Issued	Debt Rated	Action	Rating	Trend	Recovery Rating	Attributes

i

US = Lead Analyst based in USA

CA = Lead Analyst based in Canada

EU = Lead Analyst based in EU

UK = Lead Analyst based in UK

E = EU endorsed

U = UK endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-participating

25-Jan-21	Fixed-to-Fixed Rate Subordinated Notes	Provis.-Final	BB (high)	Stb	--	CA

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