Second-largest telecom provider in Canada servicing 12 million customer connections Solid market position in the Canadian wireless services sector; leading telecommunication services provider in western Canada and eastern Quebec Favorable mix of growth versus legacy revenue, and healthy revenue diversity among business and residential customers Strong franchise with broad distribution, solid brand(s), and quad-play capability Solid cash flow generation and strong credit protection measures Increasing competitive risk in wireless from new entrants Ongoing losses in wireline voice from cable TV operators and wireless substitution The ratings on Vancouver-based Telus Corp., Canada's second-largest integrated telecommunications provider with about 12 million customer connections, reflect Standard&Poor's Ratings Services' opinion of the company's business risk profile, which we view as "strong," given
