Press Release

DBRS Morningstar Assigns Rating of BBB (high) With a Stable Trend to Bell Canada’s Debt Issuance

February 14, 2022

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (high) with a Stable trend to Bell Canada’s (Bell Canada or the Company; rated BBB (high) with a Stable trend by DBRS Morningstar) USD 750 million 3.650% Series US-7 Notes due August 15, 2052 (the Notes), which closed on February 11, 2022. The rating being assigned is based upon the rating of an already-outstanding series of the above-mentioned debt instrument.

DBRS Morningstar expects Bell Canada to use the net proceeds from the issuance of the Notes toward the cost of funding the redemption of its $1,000,000,000 principal amount 3.350% MTN Debentures, Series M-26, due 2023. The Notes are unsecured and unsubordinated obligations of Bell Canada and rank pari passu with all other existing and future unsecured and unsubordinated indebtedness of the Company. The Notes are fully and unconditionally guaranteed by BCE Inc. (rated BBB with a Stable trend by DBRS Morningstar).

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at

All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Companies in the Communications Industry (July 27, 2021;, Rating Companies in the Broadcasting Industry (March 12, 2021;, DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (October 29, 2021;, DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 9, 2021;, DBRS Morningstar Criteria: Guarantees and Other Forms of Support (May 31, 2021;, and DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 21, 2021;, which can be found on under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (February 3, 2021;

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

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