On Sept. 27, 2005, Standard&Poor's Ratings Services raised its long-term corporate credit and senior unsecured debt ratings on Telus Corp. and Telus Communications Inc. (together Telus) to 'BBB+' following the company's announcement that it intends to exercise its early redemption right to retire C$1.578 billion in notes maturing June 1, 2006, on Dec. 1, 2005. The outlook was revised to stable. Pro forma for the redemption, lease-adjusted debt will be reduced to about C$6.6 billion from C$8.2 billion at June 30, 2005, resulting in a material improvement in pro forma debt to EBITDA to about 1.9x, from 2.4x for the 12 months ended June 30, 2005. Liquidity is adequate to undertake this redemption: Telus had C$1.1 billion in
