On Sept. 24, 2007, Standard&Poor's Ratings Services lowered its long-term corporate credit ratings on Montreal, Que.-based holding company BCE Inc. and wholly owned subsidiary Bell Canada to 'BB-' from 'A-'. The ratings on both companies remain on CreditWatch with negative implications where they were placed April 17, 2007. The downgrade, an interim step, follows BCE's Sept. 21, 2007, announcement that its shareholders have approved the company's C$52 billion leveraged buyout (LBO). Once Standard&Poor's has the opportunity to review the proposed capital structure, and the financial and operating strategies of the new owners, we could affirm or lower the ratings further. The ratings on C$2.8 billion in existing senior unsecured debt of BCE (C$650 million), Bell Canada
