BCE Inc./Bell Canada: Rating Report

On February 26, 2018, DBRS Limited (DBRS) confirmed all of the
ratings of Bell Canada (Bell Canada or the Company), Bell-MTS
Inc. (MTS, the wholly owned subsidiary) and its parent company
BCE Inc. (BCE) as noted in the table below. All trends remain
Stable. The ratings are supported by the Company’s considerable
size and scale, as well as its leading market position in wireline
services, wireless advances and revenue diversification. The ratings
also reflect intensifying competition, the expected loss of
legacy wireline services revenues and the risks associated with
technological and regulatory change.