DBRS Assigns A (low) Rating to TELUS Corporation’s $4.0 Billion Shelf Prospectus, Stable Trend

DBRS has today assigned a rating of A (low) to the debt portion of TELUS Corporation’s (TELUS or the Company) $4.0 billion preliminary shelf prospectus, dated August 13, 2009. The trend is Stable.

This prospectus will enable TELUS to offer and issue up to $4.0 billion of debt, equity and/or warrants from time to time during the 25-month period after the shelf prospectus becomes final and the registration statement becomes effective. Any debt securities issued pursuant to this prospectus will be issued under TELUS’s May 22, 2001, trust indenture.

The shelf prospectus and registration statement, upon becoming final, will replace the existing $3.0 billion universal shelf prospectus and registration statement that expire on September 30, 2009. DBRS notes that TELUS has indicated that it has no immediate intention to offer securities under this prospectus.

TELUS Corporation’s Notes rating of A (low) with a Stable trend was confirmed on June 17, 2009.

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

The applicable methodology is Rating Telecommunications, which can be found on our website under Methodologies.

This is a Corporate rating.