On Aug. 28, 2019, S&P Global Ratings affirmed its 'BBB+' issuer credit rating on Canadian telecom provider Telus Corp. and revised its downgrade leverage threshold to 3.25x from 3.0x and its upgrade leverage threshold to 2.25x from 2x. The revised thresholds reflect Telus' strong competitive position in Canada and lower earnings volatility, underpinned by solid operational execution, and substantial investments. The stable outlook reflects our view that Telus' adjusted debt-to-EBITDA ratio will remain close to 3x for the next two years after incorporating dividend growth (about 7%-10%) and ongoing investments in networks, including wireless spectrum. In our view, Vancouver-based Telus, along with Rogers Communications Inc. and BCE Inc., enjoys a favorable industry structure in Canada with room to expand subscriptions,
