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 and Bell Canada reflect the strong business position of Bell Canada, which is the largest and most diverse telecommunications company in Canada, and accounts for the vast majority of reported revenues (87%) and EBITDA (93%) for the BCE group of companies. The consolidated financial risk profile for BCE is also strong; however, the company's credit metrics are somewhat weak for the ratings category. The ratings on BCE reflect the expectation that credit metrics will improve in the medium term through debt reduction to levels that are
