Solid position in the Canadian wireless services sector 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 Solid cash-generating ability Conservative financial policies and still-healthy credit protection measures Medium-term threat of increased wireless competition Ongoing pressures in local access and long-distance services owing to cable competition and wireless substitution Shareholder-friendly policies preclude debt reduction 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
