...February 11, 2025 TORONTO (S&P Global Ratings) Feb. 10, 2025--S&P Global Ratings today assigned its '##+' issue-level rating to Bell Canada's (a wholly owned subsidiary of BCE Inc.; ###/Stable/ A-2) proposed US dollar-denominated fixed-to-fixed rate subordinated notes (2055-A and 2055-B notes) due 2055. The company intends to use the net proceeds from these notes to fund upcoming maturities and for other general corporate purposes. We classify these notes as hybrid securities with intermediate equity content (50%). This reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having minimal equity content after 2035, because the remaining period until maturity will be less than 20 years. We rate these securities two notches below our '###' long-term issuer credit rating on BCE to reflect their subordination and management's ability to defer interest payments on the instrument. The long-term nature of the subordinated...
