The ratings on Vancouver-based Telus Corp., Canada's second-largest, integrated telecommunications provider, reflect our view of the company's strong business risk profile, given its solid market position in the large and expanding nationwide wireless operations; still-dominant position as the incumbent local telephone service provider in western Canada and eastern Quebec; good brand recognition; broad product portfolio; and healthy diversity of revenue among business and residential customers. The ratings are also supported by what Standard&Poor's Ratings Services sees as the company's relatively healthy adjusted debt leverage; still-solid cash flow protection measures; and healthy liquidity. Tempering factors in our opinion include a shareholder-friendly, albeit "moderate," financial policy; management's willingness to pursue debt-financed strategic acquisitions; intensifying wireless competition; ongoing local, long-distance, and
