The ratings on Telus Corp. reflect its favorable business position as Canada's leading wireless operator and the leading provider of telecommunications services in Western Canada; strong stable cash flows, particularly from a solid wireline segment (80% of total revenues in 2000); a solid track record of achieving synergies; and its success to date in achieving many of the business targets for 2000, including the rationalization of its mobile network and wireless branding. These strengths are offset by continued integration risks associated with the acquisition of Clearnet Communications Inc. that resulted in a substantial increase in near-term debt and associated refinancing risk. Telus' subsidiary Telus Communications Inc. (TCI) was formed in January 2001 through the amalgamation of Telus Communications Inc., Telus
