DBRS Morningstar Assigns Rating of BBB (high) with a Stable Trend to Bell Canada’s M-57 Debt Issuance

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (high) with a Stable trend to Bell Canada’s (Bell Canada or the Company; rated BBB (high) with a Stable trend by DBRS Morningstar) $1,000 million 5.850% Medium Term Note (MTN) Debentures Series M-57 due 2032, which were issued on November 10, 2022. The rating being assigned is based upon the rating on an already-outstanding series of the above-mentioned debt instrument.

DBRS Morningstar expects Bell Canada to use an amount equal to the net proceeds from this offering for the repayment of short-term debt and for general corporate purposes.

The MTN Debentures are unsecured and will rank pari passu with all other unsecured and unsubordinated indebtedness of the Company and are fully and unconditionally guaranteed by BCE Inc. (rated BBB with a Stable trend by DBRS Morningstar).

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors 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 at https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (May 17, 2022).

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

The principal methodologies are Rating Companies in the Communications Industry (July 21, 2022; https://www.dbrsmorningstar.com/research/400203), Global Methodology for Rating Companies in the Broadcasting Industry (August 29, 2022; https://www.dbrsmorningstar.com/research/402115), DBRS Morningstar Global Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (October 26, 2022; https://www.dbrsmorningstar.com/research/404334), DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 1, 2022; https://www.dbrsmorningstar.com/research/393065), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (April 4, 2022; https://www.dbrsmorningstar.com/research/394683), and DBRS Morningstar Global Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 20, 2022; https://www.dbrsmorningstar.com/research/404248), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://www.dbrsmorningstar.com/research/397223/interplay-of-global-corporate-finance-rating-methodologies-when-analyzing-corporate-finance-transactions.

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 ratings are under regular surveillance.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577