Press Release

DBRS Morningstar Assigns Ratings of BBB with Stable Trends to TELUS Corporation’s Series CAK, Series CAL, and Series CAM Debt Issuances

September 13, 2023

DBRS Limited (DBRS Morningstar) assigned ratings of BBB with Stable trends to TELUS Corporation’s (TELUS or the Company; rated BBB with a Stable trend by DBRS Morningstar) $850 million 5.75% Series CAK Sustainability-Linked Notes due September 8, 2033; $400 million 5.95% Series CAL Notes due September 8, 2053; and $500 million 5.60% Series CAM Notes due September 9, 2030 (collectively, the Notes). The ratings being assigned are based upon the rating on an already-outstanding series of the above-mentioned debt instrument.

DBRS Morningstar expects TELUS to use the net proceeds for the repayment of outstanding indebtedness, including the repayment of commercial paper (incurred for general working capital purposes) and the reduction of cash amounts outstanding under the Receivables Trust (incurred for working capital purposes), and for other general corporate purposes.

The Notes will be unsecured and unsubordinated obligations of the Company, will rank pari passu in right of payment with all existing and future unsecured and unsubordinated obligations of the Company and will be senior in right of payment to all existing and future subordinated indebtedness of the Company, but will be effectively subordinated to all existing and future obligations of, or guaranteed by, the Company’s subsidiaries.

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 (July 4, 2023) at

All figures are in Canadian dollars unless otherwise noted.

DBRS Morningstar applied the following principal methodology:
-- Global Methodology for Rating Companies in the Communications Industry (July 20, 2023;

The following methodologies have also been applied:
-- DBRS Morningstar Global Criteria: Guarantees and Other Forms of Support (March 28, 2023;
-- DBRS Morningstar Global Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (February 24, 2023;

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

The rated entity or its related entities did participate in the credit rating process for this credit 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 credit 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 credit ratings are under regular surveillance.

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

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