DBRS Rates Bell Canada’s $1 Billion of MTN Debenture Issues A (low), Stable

DBRS has today assigned a rating of A (low) to Bell Canada’s $400 million 3.50% MTN Debentures, Series M-28, maturing on September 10, 2018, and $600 million 4.70% MTN Debentures, Series M-29, maturing on September 11, 2023 (collectively, the MTN Debentures).

The MTN Debentures (issued under Bell Canada’s $4.0 billion shelf program) are unsecured and rank pari passu with all other unsecured and unsubordinated indebtedness of Bell Canada. The MTN Debentures were issued under Bell Canada’s November 28, 1997, trust indenture and are fully and unconditionally guaranteed by BCE Inc. (rated BBB (high), Stable).

DBRS expects Bell Canada to use the proceeds from these issues to finance the redemption on August 9, 2013, of all of Bell Canada’s $1,000,000,000 principal amount of 4.85% Debentures, Series M-20, due June 30, 2014, which was financed on an interim basis by short-term borrowings.

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

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