DBRS Morningstar Assigns Ratings of BBB (high) with Stable Trends to Bell Canada’s M-58 and M-59 Debt Issuances

DBRS Limited (DBRS Morningstar) assigned ratings of BBB (high) with Stable trends to Bell Canada’s (Bell Canada or the Company; rated BBB (high) with a Stable trend by DBRS Morningstar) $1,050 million 4.550% Medium Term Note (MTN) Debentures Series M-58 due 2030, and $450 million 5.150% MTN Debentures Series M-59 due 2053. The ratings being assigned are based upon the rating on an already-outstanding series of the above-mentioned debt instrument.

DBRS Morningstar expects Bell Canada to use an amount equal to the net proceeds from this offering for the repayment of short-term debt and for general corporate purposes.

The MTN Debentures are unsecured and will rank pari passu with all other unsecured and unsubordinated indebtedness of the Company and are fully and unconditionally guaranteed by BCE Inc. (rated BBB with a Stable trend by DBRS Morningstar).

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

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 https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (May 17, 2022).

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

The principal methodologies applicable to the ratings are Rating Companies in the Communications Industry (July 21, 2022; https://www.dbrsmorningstar.com/research/400203), Global Methodology for Rating Companies in the Broadcasting Industry (August 29, 2022; https://www.dbrsmorningstar.com/research/402115), DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 1, 2022; https://www.dbrsmorningstar.com/research/393065), DBRS Morningstar Global Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (October 26, 2022; https://www.dbrsmorningstar.com/research/404334), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (April 4, 2022; https://www.dbrsmorningstar.com/research/394683), and DBRS Morningstar Global Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 20, 2022; https://www.dbrsmorningstar.com/research/404248).

The rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://www.dbrsmorningstar.com/research/397223/interplay-of-global-corporate-finance-rating-methodologies-when-analyzing-corporate-finance-transactions.

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

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com or contact us at [email protected].

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