DBRS Assigns A (low) Rating to Bell Canada’s $1 Billion MTN Debentures Issuance

DBRS has today assigned a rating of A (low) to Bell Canada’s aggregate $1 billion issuance of: $500 million 3.65% Series M-23 notes maturing May 19, 2016; and $500 million 4.95% Series M-24 MTN Debentures (Debentures) maturing on May 19, 2021. The trend is Stable.

This debt issuance was initiated by Bell Canada today for settlement on or around May 19, 2011. The Debentures will be issued by way of supplement to Bell Canada’s Short Form Base Shelf Prospectus and Prospectus Supplement dated September 3, 2009 and September 4, 2009, respectively, and reference the trust indenture dated November 28, 1997.

DBRS expects Bell Canada to use the proceeds from this issue for general corporate purposes, including to pre-fund debt repayments.

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

The applicable methodologies are Rating the Communications Industry, Rating the Television Broadcasting Industry and Rating the Radio Broadcast Industry, which can be found on our website under Methodologies.