We are assigning our 'A-2' short-term issuer credit rating to Telus Corp. and our 'A-2' short-term rating to the company's US$1 billion commercial paper program. We base the 'A-2' short-term issue-level rating on our 'BBB+' long-term corporate credit rating on Telus and our assessment of the company's liquidity as "strong." Our ratings on Telus, including our 'BBB+' long-term corporate credit rating on the company, are unchanged. The stable outlook reflects our expectations that mid-single-digit revenue and EBITDA growth in the next couple of years should allow Telus to manage to an adjusted debt-to-EBITDA ratio of 2.0x-2.5x. On June 19, 2015, Standard&Poor's Ratings Services assigned its 'A-2' short-term corporate credit rating (CCR) to on Vancouver-based telecom service provider Telus
