DBRS Morningstar Assigns Credit Rating of BBB (high) With a Stable Trend to Bell Canada’s M-57 (Re-opening) and M-62 Debt Issuances

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) $300 million 5.85% Medium Term Note (MTN) Debentures Series M-57 (Re-opening) due 2032 and $700 million 5.25% MTN Debentures Series M-62 due 2029. The credit ratings being assigned are 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 Bell Canada's $1.0 billion principal amount of 2.70% MTN Debentures, Series M-44, due February 2024.

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/416784 (July 4, 2023).

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

DBRS Morningstar applied the following principal methodologies:
-- Global Methodology for Rating Companies in the Communications Industry (July 20, 2023; https://www.dbrsmorningstar.com/research/417420)
-- Global Methodology for Rating Companies in the Broadcasting Industry (March 14, 2023; https://www.dbrsmorningstar.com/research/410794)
-- DBRS Morningstar Global Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (February 24, 2023; https://www.dbrsmorningstar.com/research/410196)
-- DBRS Morningstar Global Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (September 27, 2023; https://www.dbrsmorningstar.com/research/421119/dbrs-morningstar-global-criteria-rating-corporate-holding-companies-and-parentsubsidiary-rating-relationships)
-- DBRS Morningstar Global Criteria: Guarantees and Other Forms of Support (March 28, 2023; https://www.dbrsmorningstar.com/research/411694)
-- DBRS Morningstar Global Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 19, 2023; https://www.dbrsmorningstar.com/research/422134/dbrs-morningstar-global-criteria-preferred-share-and-hybrid-security-criteria-for-corporate-issuers)

The credit rating methodologies used in the analysis of this transaction can be found at:
https://www.dbrsmorningstar.com/about/methodologies.

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.

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.

Information regarding DBRS Morningstar credit ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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