Press Release

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

May 11, 2023

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 850 million 5.100% Series US-8 Notes due May 11, 2033 (the Notes), which settled on May 11, 2023. 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 repayment of short-term debt and for other general corporate purposes.

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).

There were no Environmental/Social/Governance factor(s) 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 (May 17, 2022).

All figures are in Canadian dollars unless otherwise noted.

DBRS Morningstar applied the following principal methodologies:
-- Rating Companies in the Communications Industry (July 21, 2022) -
-- Global Methodology for Rating Companies in the Broadcasting Industry (March 14, 2023) -
-- DBRS Morningstar Global Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (February 24, 2023) -
-- DBRS Morningstar Global Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (October 26, 2022) -
-- DBRS Morningstar Global Criteria: Guarantees and Other Forms of Support (March 28, 2023) -
-- DBRS Morningstar Global Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 20, 2022) -

The credit rating methodologies used in the analysis of this transaction can be found at::

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at:

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the rating process for this rating action.

DBRS Morningstar had access to the accounts, management and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

This is a solicited credit rating.

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 or contact us at [email protected].

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