On May 22, 2008, Standard&Poor's Ratings Services said its ratings on Montreal-based telecommunications provider BCE Inc. and related entities, including the 'BB-' corporate credit ratings, remain on CreditWatch with negative implications following the Quebec Court of Appeal decision to deny approval of the plan of arrangement related to its proposed privatization. We originally placed the ratings on CreditWatch April 17, 2007, following the company's announcement that it had entered into discussions with a group of private equity investors to consider privatizing the company. Subsequently, on Sept. 24, we lowered the ratings to 'BB-' from 'A-' and kept them on CreditWatch. This was an interim step, following BCE's Sept. 21, 2007, announcement that its shareholders had approved the company's
