DBRS Assigns A (low) Rating to TELUS’s $600 Million Notes Issuance

DBRS has today assigned a rating of A (low) to TELUS Corporation’s (TELUS) issuance of $600 million 3.65% senior unsecured notes maturing May 25, 2016 (the Notes). The trend is Stable.

This debt issuance was initiated by TELUS today for settlement on or around May 25, 2011. The Notes will be issued by way of a short-form prospectus supplement under TELUS’s $4.0 billion universal short-form shelf prospectus dated September 3, 2009, and reference the trust indenture dated May 22, 2001.

DBRS expects TELUS to use the proceeds from this issue for repayment on maturity of a portion of its outstanding US$748.5 million 8% notes due June 1, 2011, and related cross-currency and interest rate swaps.

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

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