DBRS Assigns Rating of BBB (high), Stable Trend to TELUS Corporation’s Notes

DBRS Limited (DBRS) assigned a rating of BBB (high) with a Stable trend to TELUS Corporation’s (TELUS or the Company) USD 750 million, 4.60% Senior Unsecured Notes due November 16, 2048 (the Notes).

The Notes are unsecured and unsubordinated obligations of TELUS and rank pari passu in right of payment with all existing and future unsecured and unsubordinated obligations of TELUS. The Notes are senior in right of payment to all existing and future subordinated indebtedness of TELUS but are effectively subordinated to all existing and future obligations of, or guaranteed by, TELUS subsidiaries. TELUS is using the proceeds to repay outstanding indebtedness, including outstanding commercial paper, and for general corporate purposes. Pending any such use of the net proceeds, the Company will invest the net proceeds in bank deposits and short-term marketable securities.

TELUS’s ratings continue to be supported by the Company’s well-entrenched market position and proven track record of profitable growth, while also reflecting intensifying competition, risks associated with regulatory and technological change as well as the industry’s capital-intensive nature.

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

The principal methodology is Rating Companies in the Communications Industry, which can be found on dbrs.com under Methodologies.

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