On July 11, 2002, Standard&Poor's lowered its long-term corporate credit and senior unsecured debt ratings on telecommunications company Telus Corp. (Telus) to triple-'B' from triple-'B'-plus. At the same time, Standard&Poor's lowered its ratings outstanding on Telus' subsidiaries, Telus Communications Inc. (TCI) and Telus Communications (Quebec) Inc., and Clearnet Communications Inc. The Canadian national scale commercial paper rating also was lowered to 'A-2'(Cdn) from 'A-1(Low)' and the short-term corporate credit and global scale commercial paper ratings on Vancouver, B.C.-based Telus were affirmed. The outlook is negative. At March 31, 2002, total debt outstanding was C$9.6 billion (including convertible debentures, securitized accounts receivables, and operating leases, minus a deferred cross-currency foreign-exchange hedge asset.) Ratings were lowered based on
