Largest telecom operator in Canada with about 18 million customer connections Solid market position in wireline (No. 1), wireless (No. 2), direct-to-home satellite video (No. 1), and broadcast television/media (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 adequate liquidity Ongoing losses in wireline voice from cable telephony and wireless substitution High degree of competition in wireless Recent debt-funded media acquisitions temporarily weaken credit ratios 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, supported by the company's
