BCE Inc./Bell Canada: Credit Rating Report

On May 16, 2025, DBRS Limited (Morningstar DBRS) downgraded Bell Canada's Issuer Rating to BBB from BBB (high) and BCE Inc.'s. (BCE) Issuer Rating to BBB (low) from BBB. Consequently, Morningstar DBRS removed the credit ratings from Under Review with Negative Implications, where they were placed on November 5, 2024. Morningstar DBRS also downgraded Bell Canada's Debentures and MTN Debentures credit rating to BBB from BBB (high), Commercial Paper credit rating to R-2 (middle) from R-2 (high), and Subordinated Debentures credit rating to BB (high) from BBB (low). In addition, Morningstar DBRS downgraded BCE's Short-Term Issuer Rating to R-2 (low) from R-2 (middle) and Unsecured Debentures credit rating to BBB (low) from BBB. BCE's All Classes Preferred Shares credit rating was confirmed at Pfd-3. All trends are Stable.