The ratings on Montreal, Que.-based holding company BCE Inc. reflect the consolidated credit risk of its various operating subsidiaries, but principally that of its wholly owned subsidiary, Bell Canada. The ratings on BCE are analytically consolidated and equalized with those on Bell Canada. The ratings on BCE and Bell Canada reflect the above-average business profile of Bell Canada, which is the largest telecommunications company in Canada, and accounts for the majority of reported revenues and EBITDA, which were 87% and 95%, respectively for first-quarter 2004 for the BCE group of companies. The consolidated financial risk profile for BCE is also above average; however, the company's credit metrics are marginally weak for the ratings category. The ratings on BCE reflect the
