DBRS Rates Bell Canada’s $1.5 Billion MTN Debentures Issue BBB (high), Stable Trend

DBRS Limited (DBRS) has today assigned a rating of BBB (high) with a Stable trend to Bell Canada’s (Bell or the Company) $1.5 billion MTN Debentures issuance, which includes:

(1) $850 million 2.00% MTN Debentures, Series M-42, due October 1, 2021; and

(2) $650 million 2.90% MTN Debentures, Series M-43, due August 12, 2026.

The MTN Debentures are unsecured and rank pari passu with all other unsecured and unsubordinated indebtedness of Bell and are fully and unconditionally guaranteed by BCE Inc.

Net proceeds will be used to finance the redemption of the Company’s $700 million 5.00% Debentures, Series M-18, due February 15, 2017, to finance BCE Inc.’s acquisition of Q9 Networks Inc. and for general corporate purposes.

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

The applicable methodologies are Rating Companies in the Communications Industry, Rating Companies in the Television Broadcasting Industry, Rating Companies in the Radio Broadcasting Industry, DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers, DBRS Criteria: Preferred Share and Hybrid Criteria for Corporate Issuers and DBRS Criteria: Rating Holding Companies and Their Subsidiaries, which can be found on our website under Methodologies.