Second-largest telecom operator in Canada, servicing almost 14 million customer connections Strong market position in wireless (No. 2); leading fixed-line provider in western Canada and eastern Quebec Strong franchise with solid brands, broad distribution, and quad-play capability Track record of solid profitability in wireless Intense competition in wireless and wireline segment Market maturity given high penetration for services and technological substitution for fixed-line voice Strong cash-generating ability from well-established operations Historically moderate and well-articulated financial policies Weak credit ratios for the rating Strong liquidity Potential for aggressive shareholder distributions High capital intensity of the industry The stable outlook on Vancouver-based telecom service provider Telus Corp. reflects Standard&Poor's Ratings Services' view that mid-single-digit revenue and EBITDA growth in the
