DBRS Assigns A (low) Rating to TELUS’s Planned Notes Issuance

DBRS has today assigned a rating of A (low) to TELUS Corporation’s (TELUS) planned issuance of senior unsecured notes. The trend is Stable.

This debt issuance was initiated by TELUS today by way of a short form prospectus supplement under its $4.0 billion universal short form shelf prospectus dated September 3, 2009. DBRS expects this issue to consist of one tranche of ten-year notes with the expectation of closing on December 4, 2009.

DBRS expects TELUS to use the proceeds from this notes issue for refinancing of a portion of its US$1.945 billion 8% notes due on June 1, 2011, for payments required to terminate associated cross-currency swaps and for general corporate purposes.

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.