BCE Inc. http://www.alacrastore.com/company-snapshot/BCE_Inc-1001524 Sunday, September 07, 2008 6:38:20 PM 1001524 BCE Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/73616cs/73616norm Telecom & Suppliers Monthly Summary: September #### We review key themes published in August. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage....736161561YesD0Article7952185177621197653174891964313164198612712142070634501162726208222352242061corphy181942High Yield82Telecom & Suppliers Monthly Summary9/1/2008 11:06:44 PM150We summarize our investment theses for companies under our coverage. In addition, we summarize and highlight changes and key points in research published in the month of August.73616Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/398852_report_framefitch/398852_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.BankUnited Financial CorporationBCE Inc.CA, Inc.Jabil Circuit, Inc.Kansas Gas & Electric CompanyStandard Pacific CorporationTribune CompanyWestar Energy, Inc.80088990800889928008937880092025806189988142405481654282821760298/29/2008 6:31:00 PM0100000001010100010200000102010001020200010203000103000001030400010305000103070001032400275NewsletterBCEBKUNACAJBLSPFWR398852_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/431298_pr_framefitch/431298_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.BCE Inc.Bell Canada80618998806190058/29/2008 10:19:00 AM01000000010300000103040085Press ReleaseBCE431298_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/bir/520190bir/520190normBCE Inc.Bell Canada EnterprisesCanadaCommunications: Local telephone, long distance, wireless communications, and Internet access, satellite television and television broadcasting. Manufacturing: National newspaper publisher. Services: Software and network access services for the financial a48134812489948332711737273795171105111105112105151205172125179105415129IMBCE8/26/2008 6:21:47 AM520190Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/cs/73306cs/73306norm BCE #Q## Tearsheet BCE agreed to be LBOed. After winning a Supreme Court appeal allowing the LBO to proceed, BCE entered into a final agreement with the purchasers and lending banks on July #th. The LBO is now expected to close on or...73306534YesC21Tearsheet776tearsheets/premium198/20/2008 1:05:59 PM15073306Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/73329cs/73329norm Telecom & Suppliers CY#Q## Review: A Sigh of Relief for Tech; Mixed for Telcos The quarter brings, for the most part, a sigh of relief to tech companies, as the macro environment and demand have not deteriorated much from the prior...733293708YesD0Article2146345016412061127120702082522411627262233132187762119986517953171964765489corphy22511918303G/Wireless Technology33Capital Structure42High Yield66Earnings Reports - TMT8/20/2008 10:09:29 AM150With CY Q2:08 earnings wrapping up, we comment on some of the key themes and issues which surfaced from the earnings reports, including economic effects and the relationships among various parts of the value chain.73329Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72878cs/72878norm BCE #Q##: A Solid Quarter BCE reported solid quarter, with more positives than negatives. The positives include wireless subscriber growth, ARPU and YoY churn reduction. In addition, access line loss continued to moderate, which is...728781350YesD0Article2119776corphy2251933Capital Structure42High Yield66Earnings Reports - TMT8/7/2008 12:06:35 AM150BCE reported what we believe to be a largely solid quarter, with more positives than negatives. We comment on BCE's results.72878Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/72862cs/72862norm Bell Aliant #Q##: Key Takeaways While the overall reported revenue showed YoY growth, telecom revenue was more or less flat as a result of growth in data and wireless offsetting the decline in local and access and long distance voice....728621042YesD0Article2119776corp12251933Capital Structure66Earnings Reports - TMT8/6/2008 11:06:34 PM150Bell Aliant reported solid Q2:08 results. However, we continue to believe that BCE's pending LBO casts a big shadow over Bell Aliant's debt.72862Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/PR_159715_100600moodys/PR_159715_100600htmlGlobal Credit Research Announcement ## JUL #### Announcement: BCE Inc. Moody's updates guidance in light of BCE acquisition news $#.# billion of LT debt instruments remain under review for possible downgrade Toronto, July ##, ####...7/31/2008 1:06:55 AMhtmlBCE Inc.Bell CanadaBCE Inc.; Bell Canada100600100500150.0000NewsAnnouncementPR_159715_100600Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_100600moodys/COP_100600htmlGlobal Credit Research Credit Opinion ## JUL #### Credit Opinion: BCE Inc. BCE Inc. Montreal, Quebec, Canada Ratings Category Moody's Rating Outlook Rating(s) Under Review Issuer Rating *Baa# Senior Unsecured -Dom Curr *Baa# Commercial...7/31/2008 1:06:41 AMhtmlBCE Inc.BCE Inc.100600150.0000NewsCredit OpinionCOP_100600Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PBC_109656moodys/PBC_109656pdf...The primary purposes of this report are to provide an update concerning the company s fundamentals, and to comment on anticipated post going-private ratings levels. Absent the pending going-private transaction, since recent operating and financial performance reflects l onger term trends that are not expected to vary over the next two-to-three years, near-to-mid term performance is expected to generate credit protection measures that are ge nerally consistent with those of the recent past. Since these are within acceptable bounds, there is no particular impetus to reconsider BCE Inc. s s ratings independent of the going-privat e transaction. However, subsequent to the going-private transaction, it is anticipat ed that senior unsecured ratings will be downgraded to B# from Baa#. Senior unsecured debt at Bell Canada will likely become secured and will likely be rated Ba#. Subordinated notes will likely be rated B#. However, pending resolution of the ac quisition transaction,... 7/30/2008 4:12:34 PMpdfBCE Inc.BCE Inc.100600300.0000AnalysisAnalysisPBC_109656Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/cs/71959cs/71959norm A Look at the Results of the Canadian Spectrum Auction Industry Canada concluded its much anticipated AWS (and other) spectrum auction, in which total bidding came to C$#,### million, resulting in a price of C$#.##/MHz*POP for the AWS...719591605YesD0Article2120194821218679447762119corphy22519303G/Wireless Technology33Capital Structure42High Yield7/21/2008 11:05:00 PM150Industry Canada concluded its much anticipated AWS (and other) spectrum auction, and here we look at the results and comment on the investment implications.71959Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71735cs/71735norm Telecom & Suppliers: CY #Q## Earnings Preview (Part II) In this article, we examine the overall themes and issues for North American wireless and wireline service providers for the upcoming earnings season. More specifically, we discuss...717354640YesD0Article19642016986224223726127176577620617952182119corphy225119303G/Wireless Technology33Capital Structure66Earnings Reports - TMT42High Yield7/16/2008 10:06:00 PM150In this article, we examine the issues and themes of the upcoming earnings for North American wireless and wireline carriers.71735Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71573cs/71573norm A Look at BCE's CDS Scenarios BCE's CDS narrowed following the final LBO agreement announced on July #th. In this article, we look at some CDS scenarios at BCE. There are two capital structure scenarios which we consider possible. ...715732634YesD0Article2119776corphy12251990Covenants51LBO33Capital Structure42High Yield7/15/2008 2:05:38 AM150BCE's CDS tightened after its final LBO agreement announcement, and we comment on CDS scenarios at BCE.71573Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71182cs/71182norm Telecom & Suppliers Monthly Summary: July #### We review key themes published in June. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage. We...711822839YesD0Article2146345016412061127122352242070116272651317986717214622536191842High Yield54Euro Markets Issuers82Telecom & Suppliers Monthly Summary6/30/2008 11:05:41 PM150We summarize our investment thesis for companies under our coverage. In addition, we summarize and highlight changes and key points in research published in the month of June.21877621194897957653131964corphy119271182Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/71020cs/71020norm Telecom & Suppliers: Empirical Observations of Ratings Differentials In this article, we discuss our observations of the ratings differentials between the different classes of debt issued by a given company. Credit ratings appear...710201583YesD0Article1641127120702061795776corphy1193618303G/Wireless Technology33Capital Structure42High Yield6/30/2008 12:06:22 AM150We discuss our empirical observations of the ratings differentials between the different classes of debt. We use these to compare debt ratings for selected companies under our coverage.71020Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/655574spcred/655574normThe latest News from S&Pglobal6/23/2008 1:03:16 PM100News655574CanadaIntegrated Telecommunication ServicesCanadaGlobal IssuersCorporationsTelecommunications & CableHigh TechnologyNewsTORONTO (Standard&Poor's) June 23, 2008--Standard&Poor's Ratings Services today said its ratings on Montreal-based telecommunications provider BCE Inc. and related entities, including the 'BB-' corporate credit ratings, will remain on CreditWatch with negative implications. The ratings were placed on CreditWatch April 17. "Today's CreditWatch update follows the Supreme Court of Canada's June 20 ruling to set aside the decision of the Court of Appeal of Quebec and affirm the Quebec trial judge's previous decision to approve the plan of arrangement," said Standard&Poor's credit analyst Madhav Hari. The proposed leveraged buyout by a consortium of private equity investors led by Toronto-based Teachers Private Capital would lead to about C$30 billion in additional debt, resulting in aCAN05534B50101020 501010 5010 50BCE Inc.111740CANBCE@CNNEWSGLOBISSCORPTelecommunicationsHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/655575spcred/655575normThe latest Research Update from S&Pglobalstructured6/23/2008 1:03:16 PM175Research Update655575CanadaIntegrated Telecommunication ServicesCanadaGlobal IssuersStructured FinanceCorporationsCommercial MBSTelecommunications & CableHigh TechnologyResearch UpdateOn June 23, 2008, Standard&Poor's Ratings Services said its ratings on Montreal-based telecommunications provider BCE Inc. and related entities, including the 'BB-' corporate credit ratings, will remain on CreditWatch with negative implications. The ratings were placed on CreditWatch April 17. Today's CreditWatch update follows the Supreme Court of Canada's June 20 ruling to set aside the decision of the Court of Appeal of Quebec (which disallowed the plan of arrangement) and affirm the Quebec trial judge's previous decision to approve the plan of arrangement. The proposed leveraged buyout by a consortium of private equity investors led by Toronto-based Teachers Private Capital would lead to about C$30 billion in additional debt, resulting in a dramatic increase in pro formaCAN05534B50101020 501010 5010 50BCE Inc.111740CANBCE@CNRESUPDCANC0781@07813M07813Z07814950101020 501010 5010 5050102010 501020 5010 50Bell CanadaBell Mobility Cellular Inc.100257126345CAN81078Z@CN5140ZGLOBISSSTRUCCORPCMBSTelecommunicationsHighCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/70878cs/70878norm BCE: Wins Supreme Court Appeal BCE won its Supreme Court of Canada appeal of a previous Quebec Court of Appeal decision. As such, its LBO received the necessary court approval.  BCE's successful court win brings it a step closer...708781168YesD0Article2119776corphy12251933Capital Structure42High Yield51LBO6/23/2008 1:04:55 AM150BCE won its Supreme Court of Canada appeal of a lower court decision blocking its LBO, and we examine some of the potential implications.70878Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/70076cs/70076norm BCE Lawsuit: Buy Bonds of Canadian Enterprises? Canadian statutory law is making us think bond holders might want to favor Canadian Enterprises when making investment decisions The Oppression Statute and The Approval Statute provide...700763674YesD0Article776corphy2251942High Yield43Litigation6/3/2008 11:16:08 AM150We analyze the possible outcome of the pending BCE Lawsuit in Canada. We cite one case which seems to indicate that bondholders could get a fairly high level of protection if they prevail. Our colleagues discuss the possible outcomes.70076Credit & Investment ResearchCreditSights