Dominant market position as Canada's largest communications carrier; Demonstrated access to capital markets and continued strength of banking relationships; and Stability and predictability of cash flows associated with refocused domestic telephony strategy. High debt load; and Refinancing risks associated with SBC Communications Inc. transaction, which have lessened given recent equity offering. The ratings on BCE Inc. reflect a change in the rating methodology previously applied to the company to a consolidated group approach from an investment holding company approach. This reflects an expected change in the proportion of ownership in Bell Canada to 100% from 80%, and the exit of a strong equity partner in SBC Communications Inc.; the reduction in the level of diversity, with assets held in the
