Nationwide wireless provider, with a sizable 28% wireless subscriber share Leading wireline operator in western Canada and eastern Quebec Healthy mix of growth versus legacy revenues, and good revenue diversity among business and residential customers Still-solid profit margins and cash generation in the wireless operations Conservative financial policies and modest credit metrics Medium-term threat of increased wireless competition Shareholder-friendly policies preclude debt reduction Weakening profitability in the wireline operations Discretionary free cash flow weakens in 2009 from rising cash taxes and capital expenditures Modest Internet protocol TV defence to offset cable triple-play competition 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 large and expanding nationwide
