On Aug 28, 2019, S&P Global Ratings affirmed its 'BBB+' issuer credit rating on Canadian telecommunications company BCE Inc. and revised its downgrade leverage threshold to 3.25x from 3.0x and its upgrade leverage threshold to 2.25x from 2x. The revised thresholds reflect BCE's strong comparative competitive position in Canada and lower earnings volatility, underpinned by solid operational execution and substantial investments. The stable outlook reflects our view that BCE's adjusted debt-to-EBITDA will remain close to 3x for the next two years after incorporating dividend growth (about 5%) and ongoing investments in networks including wireless spectrum. In our view, Montreal-based BCE, along with Rogers Communications Inc. and Telus Corp., enjoys a favorable industry structure in Canada with room to expand subscriptions,
