TORONTO (Standard&Poor's) June 1, 2004--Standard&Poor's Ratings Services today said it affirmed the ratings, including the 'A' long-term corporate credit ratings, on telecommunications company BCE Inc. and wholly owned subsidiary Bell Canada. The outlook is stable. The ratings on Montreal, Que.-based holding company BCE reflect the consolidated credit risk of its various operating subsidiaries, but principally that of its wholly owned subsidiary, Bell Canada. The ratings on BCE are analytically consolidated and equalized with those on Bell Canada. The ratings on BCE and Bell Canada reflect the above-average business profile of Bell Canada, which is the largest telecommunications company in Canada, and accounts for the majority of 2003 reported revenues (88%) and EBITDA (94%) for the BCE
