DBRS Confirms Bell Nordiq and Télébec/NorthernTel L.P. Ratings

Dominion Bond Rating Service (DBRS) has today confirmed the ratings of the Bell Nordiq Income Fund and Télébec, Limited Partnership/NorthernTel, Limited Partnership (collectively Bell Nordiq or the Company) at STA-2 (high) and BBB (high) respectively. All trends are Stable. This comes after the announcement that the Bell Aliant Regional Communications Income Fund (Bell Aliant) will tender for the minority interest stake of Bell Nordiq, through a transaction involving the issuance of 13.7 million Bell Aliant units, along with approximately $160 million in new debt at Bell Aliant. (Please see separate press release issued today from DBRS for Bell Aliant that confirms both the stability and debt ratings at STA-2 (high) and BBB (high) respectively).

DBRS notes that this transaction will not increase debt at the Bell Nordiq level, with DBRS also expecting no material increase in the amount of cash distribution made by Bell Nordiq to its new 100% owner, Bell Aliant. Also, the current minority Bell Nordiq unit holders are expected to be paid significantly in units of Bell Aliant, which is also rated STA-2 (high) by DBRS.

DBRS notes that this transaction is subject to applicable securities laws and Bell Nordiq unitholder approvals that are expected to be completed by Q1 2007. Upon the successful completion of the transaction, DBRS will likely discontinue its stability rating on Bell Nordiq, but will maintain its debt ratings on both the Télébec Limited Partnership and NorthernTel Limited Partnership.

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

For further details, DBRS issued a full report on the Bell Nordiq Income Fund on September 29, 2006. In addition, DBRS released a debt related report on Télébec, L.P. and NorthernTel, L.P. on July 10, 2006. Please click on the links below for these documents.