The ratings on Montreal, Que.-based holding company, BCE Inc., reflect the consolidated credit risk of its various operating subsidiaries, but principally its wholly owned subsidiary, Bell Canada. The ratings on BCE are analytically consolidated and equalized with those on Bell Canada. Bell Canada is the largest telecommunications company in Canada, and accounts for the majority of reported revenues (87%) and EBITDA (93%) for the BCE group of companies. The ratings also reflect the expectation that credit metrics will improve to levels that are more in line with the current ratings in the near to medium term. The ratings are supported by Bell Canada's large local-access and wireless customer bases, growth in wireless and consumer digital subscriber line (DSL) revenues, and
