The ratings on Montreal, Que.-based telecommunications 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 2003 reported revenues (88%) and EBITDA (94%) 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 further reflect the expectation that credit metrics will improve
