Montreal-based BCE Inc. announced plans today to acquire 100% of CTV--the specialty television, conventional broadcast TV, radio broadcasting, and digital media operations of Toronto-based CTVglobemedia Inc. The C$3.0 billion purchase price, which includes assumed proportionate debt of about C$1.7 billion, will be funded with cash on hand, new BCE shares, and new debt; as such, we expect BCE's stand-alone pro forma adjusted debt leverage to increase only modestly. As a result, we are affirming our ratings on BCE and its 100%-owned subsidiary, Bell Canada, including our 'BBB+' long-term corporate credit rating on both companies, given that the transaction does not materially affect BCE's overall business risk profile and that pro forma credit metrics should remain appropriate for the ratings. The
