Nationwide wireless provider, with a sizable 28% subscriber share Still-dominant incumbent wireline provider in western Canada and eastern Quebec Healthy revenue diversity among consumer and enterprise customers; solid mix of growth versus legacy revenues Solid margins and solid free cash flow generation Conservative credit metrics Medium-term threat of increased wireless competition Shareholder-friendly financial policies Increasing competition from cable operators; modest Internet protocol TV defence Operational missteps in the first half of 2007 have pressured margins; outlook for growth has moderated The ratings on Vancouver-based Telus Corp., Canada's second-largest, diversified telecommunications provider, reflect the company's strong business risk profile, given Telus' large and expanding nationwide wireless operations and its still-dominant position as the incumbent local telephone service provider in western Canada
