(Editor's note: In the bulletin published earlier today, the amount of savings from the sale was incorrectly stated. Telus will save US$82 million in annual fees through 2008. The corrected version follows.) TORONTO (Standard&Poor's) Dec. 1, 2004--Standard&Poor's Ratings Services today said that its ratings on Telus Corp. (BBB/Stable/--) are unaffected by the announced offering of common and non-voting shares in Telus, currently owned by Verizon Communications Inc. (A+/Negative/--). The ratings on Telus had not factored in any support from Verizon, which is rated higher than Telus, and therefore divestiture by Verizon is not material to Telus' credit quality. The business arrangements between Telus and Verizon are important, and many will remain--in particular, the wireless roaming arrangements.
