Largest telecom operator in Canada with about 18 million customer connections Solid market position in wireless, wireline, and direct-to-home video services Healthy revenue diversity among business and residential customers Strong franchise with broad distribution, solid brand(s), and multiproduct bundling capability Conservative credit metrics, solid liquidity, and good asset protection Risk of shareholder-friendly actions in future Strong competition from cable operators for residential broadband and voice services Weak Internet protocol TV defense to offset high local line losses in residential segment Medium-term threat of increased wireless competition from new entrants The ratings on BCE Inc. reflect our opinion of the company's business risk profile, which we view as "satisfactory," given its large and expanding nationwide wireless operations; its leading position as
