On Aug. 8, 2003, Standard&Poor's Ratings Services affirmed its long-term corporate credit rating for Vancouver, B.C.-based telecommunications company Telus Corp. (Telus). At the same time, Standard&Poor's has revised the outlook to stable from negative. The revised outlook also applies to wholly owned subsidiaries, Telus Communications Inc. and Telus Communications (Quebec) Inc. The revised outlook is based on the expectation that management will continue to execute its debt reduction plan through the remainder of 2003 and into 2004. The revision also reflects sequential improvements in credit metrics in the past four quarters through improved EBITDA and free cash flows, which have been applied to debt reduction. The cash flow improvements were the result of a number of
