Dominant market shares through incumbent position in western Canada and eastern Quebec Continued subscriber and revenue growth in wireless and consumer data businesses Improved operating margins through OEP (operational efficiency plan) Improvements in free cash flow and reduction in debt levels in the past four quarters Marginally weak financial metrics for ratings category Increased competition from other national operators Cash flow negative non-ILEC (incumbent local exchange carrier) business (Editor's note: The original version of this report, published Aug. 27, 2003, misstated some of Telus Corp.'s financial statistics in Table 5. A corrected version follows.) The investment-grade ratings on Canada's second-largest, diversified incumbent telecommunications provider are driven by Telus' leading local market-share position in western Canada and eastern Quebec, as well
