DBRS Assigns BBB Rating with Stable Trend to Manitoba Telecom’s $500 Million MTN Shelf Program

DBRS has today assigned a rating of BBB with a Stable trend to Manitoba Telecom Services Inc.’s (MTS or the Company) $500 million Medium Term Notes (MTNs) program as per its recently filed preliminary short form shelf prospectus dated October 1, 2009.

As per the shelf filing, MTNs issued under this program will be issued pursuant to provisions of the Company’s May 1, 2001 trust indenture. They will be direct, unsecured obligations of MTS, ranking pari passu with all unsecured and unsubordinated indebtedness of the Company and with all other MTNs issued under this indenture.

DBRS expects MTS to use any proceeds from issuances under this program for general corporate purposes, working capital requirements, capital investments and/or refinancing existing debt.

As ratings are subject to change, subsequent confirmation of MTS’s ratings will be provided by DBRS as any MTNs are issued under this program.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Telecommunications, which can be found on our website under Methodologies.

This is a Corporate (Telecom/Media/Technology) rating.