Largest telecom operator in Canada with about 18 million customer connections Solid market position in wireline (No. 1), wireless (No. 2), and direct-to-home satellite video (No. 1) Healthy revenue diversity among business and residential customers Strong franchise with broad distribution, solid brand(s), and quad-play capability Solid cash flow generation and strong credit protection measures Ongoing losses in wireline voice from cable telephony and wireless substitution Increasing competitive risks in wireless The ratings on Montreal-based BCE Inc., Canada's largest integrated telecommunications provider with about 18 million customer connections, reflect Standard&Poor's Ratings Services' opinion of the company's business risk profile, which we view as "satisfactory," given the company's large and expanding nationwide wireless operations; leading position as the incumbent local
