Standard&Poor's Ratings Services today said that the 2003 financial guidance issued by Telus Corp. (BBB/Negative/A-2) on Dec. 16, 2002, will not affect the ratings or outlook on the company. The current ratings take into account expected improvements in operating results, debt reduction resulting from anticipated revenue growth in wireless services, and further cost reductions from the company's operational efficiency program. The ratings also consider the equity issue and debt repayment in the third quarter, along with expected further debt reductions in 2003 through improvements to operating cash flow. Targeted annualized cost savings from the operating efficiency program (the full impact of which will flow through to results by 2004), as well as reductions in capital expenditures in 2003,
