Standard&Poor's today said Telus Corp.'s (BBB/Negative/A-2) announcement that it will consolidate customer contact centers and various operational and administrative functions will not affect the ratings or outlook on the company. About 6,000 positions (20% of its 30,000 employee base) in 2002 and 2003 will be reduced, consisting of 5,000 union and 1,000 management employees. The early retirement and voluntary departure incentive program offered in June 2002 to unionized employees in Alberta and British Columbia serves as the primary vehicle for this reduction. Telus' regional call centers also will decrease to 28 offices in nine communities from 66 offices in 20 communities, also with the goal of improving unit operating efficiency and planned material EBITDA savings beginning in 2003.
