DBRS Assigns A (low) Ratings to Bell Canada’s Note Exchange

DBRS Limited (DBRS) has assigned A (low) ratings to the following debentures issued by Bell Canada in exchange for all Bell Alliant Medium Term Notes and Floating Rate Medium Term Notes pursuant to a transaction announced on October 20, 2014:

-- 5.41% Debentures, Series M-32, Due 2016
-- 5.52% Debentures, Series M-33, Due 2019
-- 6.17% Debentures, Series M-34, Due 2037
-- 4.37% Debentures, Series M-35, Due 2017
-- 4.88% Debentures, Series M-36, Due 2018
-- 3.54% Debentures, Series M-37, Due 2020
-- Floating Rate Debentures, Series M-38, Due 2016

All trends are Stable.

The assignment of ratings follows Bell Canada’s announcement that it has completed the transaction and exchanged Bell Canada Debentures with the same financial terms including: coupon, maturity and redemption price for all Bell Alliant Medium Term and Floating Rate Medium Term Notes. The transaction follows the completion of BCE Inc.’s acquisition of Bell Alliant which closed on October 31, 2014. DBRS previously confirmed BCE Inc. and Bell Canada upon its announcement of the acquisition of Bell Alliant on July 23, 2014.

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.
This rating is endorsed by DBRS Ratings Limited for use in the European Union.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.