Credit Ratings of BCE and Bell Canada

<!DOCTYPE html> <html lang="en"> <head> <meta http-equiv="X-UA-Compatible" content="IE=Edge,chrome=1">  <title>Credit Ratings of BCE and Bell Canada | BCE Inc.</title> <link rel="shortcut icon" href="/assets/favicon.ico"> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"> <meta name="viewport" content="width=device-width, initial-scale=1.0"> <meta http-equiv="Content-language" content="en"> <meta name="language" content="English"> <meta name="description" content="Check BCE and Bell Canada's latest credit ratings from DBRS, Moody's and S&P."> <meta name="google-site-verification" content="3RyU3ogiYQY2m2juznH7xPHvTO9z9fZsObZKzi93xqE" /> <meta name="format-detection" content="telephone=no"> <link rel="canonical" href="https://www.bce.ca/investors/bonds/credit-ratings" /> <link rel="alternate" hreflang="en-ca" href="https://www.bce.ca/investors/bonds/credit-ratings" /> <link rel="alternate" hreflang="x-default" href="https://www.bce.ca/investors/bonds/credit-ratings" /> <meta property="og:image" content="https://bce.ca/assets/bce-ca-logo-facebook.jpeg" /> <meta property="og:title" content="Credit Ratings of BCE and Bell Canada | BCE Inc." /> <script type="text/javascript" src="/ruxitagentjs_ICANVfgqru_10301241007103824.js" data-dtconfig="rid=RID_2121388061|rpid=-212862839|domain=bce.ca|reportUrl=/rb_bced360d-a02a-4b73-b0e7-46fe5ae1dc34|app=1afda7933ce9e35d|cuc=gticcd0a|ssc=1|mel=100000|featureHash=ICANVfgqru|dpvc=1|ssv=4|lastModification=1732212894103|tp=500,50,0|rdnt=1|uxrgce=1|bp=3|agentUri=/ruxitagentjs_ICANVfgqru_10301241007103824.js"></script><link rel="preload" href="/themes/BRF3/content/fonts/bce-icon.woff" as="font" type="font/woff2" crossorigin> <link rel="preload" href="/themes/BRF3/core/fonts/bellslim_medium-webfont.ttf" as="font" type="font/ttf" crossorigin> <link rel="preload" href="/themes/BRF3/core/fonts/bellslim_black-webfont.woff" as="font" type="font/woff2" crossorigin> <link rel="preload" href="/themes/BRF3/core/fonts/bellslim_semibold-webfont.ttf" as="font" type="font/ttf" crossorigin> <script src="/scripts/BRF3/top.js?v=-fzneeoUHqRN63FBtq5MqQMhCMItmqjUyG_Wz54fmwA1"></script> <link rel="stylesheet" type="text/css" href="/styles/BRF3/core.css?v=P7becQgJYaX_VVbh90dym8qgQj7FbS6B8fXejWtE9RY1"> <script src="//assets.adobedtm.com/92c238f848e3/b2517f411f21/launch-3fe403130822.min.js" async></script> <script type="text/javascript" nonce="f160eebadaa64ff3a3fd38e8c02cc585"> var s_oLNG = "en"; var s_oNONCE = "f160eebadaa64ff3a3fd38e8c02cc585"; s_oSS1 = 'investors'; s_oSS2 = 'bonds'; s_oPGN = 'credit ratings'; ; </script> </head> <body class="en "> <header class="standard-outline"> <div class="global-navigation bce "> <a href="#maincontent" class="skip-to-main-link"> Skip to main content </a> <div class="federal-bar"> <div class="container"> <div class="federal-bar-links federal-bar-links_right"> <div class="header-preferences"> <div class="footer-header-preferences-buttons"> <a href="/Accessibility_services" class="margin-r-30">Accessibility</a> <a id="languageSelector" class="js-current-language footer-header-current-language" href="#" lang="fr" hreflang="fr" data-vanityurl="/investisseurs/debenture/cotes-de-credit/" data-alternative="fr" role="button"> Français </a> </div> </div> </div> </div> </div> <div class="connector"> <div class="container d-table relative"> <div id="connector-mobile-bar" class="connector-mobile-bar "> <div class="connector-active-lob-title bellSlim "> <div class="bellSlimSemibold-Nav overflow-ellipsis"> <div class="spacer8" aria-hidden="true"></div> Investors </div> </div> <a href="/" class="connector-brand"> <span class="connector-brand-home" aria-hidden="true"> Home </span> <span class="sr-only"> BCE Home </span> </a> <button id="connector-search-button" aria-controls="connector-search" aria-expanded="false" aria-label="Search"> <i class="icon icon-magnifying-glass" aria-hidden="true"></i> </button> <button type="button" class="connector-nav-open-button d-inline-block d-md-none" aria-label="Open Mobile Navigation"> <i class="icon icon-mobile-menu" aria-hidden="true"></i> <i class="icon icon-plus" aria-hidden="true"></i> </button> <div class="connector-search-wrap"> <div class="connector-settings"> <div class="connector-search-wrap"> <div id="connector-search-mobile" class="CoveoSearchbox" data-enable-omnibox="true" data-enable-partial-match="true" data-partial-match-keywords="4" data-partial-match-threshold="75%"> </div> </div> </div> </div> </div>  <nav class="connector-nav relative nav-right" aria-label="Primary"> <div class="connector-brand d-none d-md-inline-block"> <a href="/" class="connector-brand-link"> <svg version="1.1" xmlns="http://www.w3.org/2000/svg" width="66" height="32" viewBox="0 0 66 32" aria-hidden="true"> <path fill="#ffffff" d="M11.538 16.776c-0.679-0.194-1.939-0.291-3.103-0.291h-3.588v9.697h4.364c4.461 0 6.303-2.23 6.303-4.848 0-2.23-1.455-3.976-3.976-4.558zM5.817 12.606h1.649c0.873 0 1.552-0.097 2.036-0.097 2.715-0.582 3.2-2.521 3.103-3.879 0-1.551-0.679-2.715-2.23-3.297-0.776-0.291-1.842-0.485-3.2-0.485h-1.358v7.758zM45.575 27.539c-3.103 3.103-6.594 4.461-10.861 4.461-6.594 0-11.248-3.394-13.188-9.212-0.485 4.945-4.267 8.436-10.182 8.63-1.649 0.097-3.394 0.097-5.236 0.097-2.036 0-4.073 0-6.109 0v-31.127h7.176c3.685 0 6.594 0.388 8.824 2.23 1.455 1.261 2.327 3.2 2.327 5.333 0 2.327-0.97 4.364-2.909 5.721 2.133 0.679 4.17 2.133 5.333 4.17 0-0.582-0.097-1.164-0.097-1.745-0.097-8.921 5.43-16.097 14.158-16.097 3.782 0 7.079 0.97 10.182 4.17l-3.2 3.782c-2.23-2.133-4.364-3.006-6.788-3.006-5.43 0-8.436 4.945-8.436 10.958 0 6.594 3.2 11.055 8.63 11.055 2.715 0 5.139-1.067 7.273-3.103l3.103 3.685zM46.545 0h17.745v4.558h-11.927v7.564h10.279v4.558h-10.279v9.794h13.576v4.558h-19.394v-31.030z"></path> </svg> <span class="connector-brand-home" aria-hidden="true"> Home </span> <span class="sr-only"> BCE Home </span> </a> </div> <ul class="connector-areas"> <li class="connector-area " aria-current="false"> <div class="d-flex"> <a href="#" class="connector-lob-no-href pointer" role="button" aria-expanded="false" aria-haspopup="true" aria-controls="upperSubmenu2"> <span class="bellSlimSemibold ">About BCE</span> </a> </div> <div class="menu-flyout" id="upperSubmenu2"> <div class="menu-flyout-root"> <ul class="sub-nav-root "> <li class="no-sub-nav"> <a class="sub-nav-level-1 pointer" href="/about-bce/bce-overview"> BCE overview </a> </li> <li class="no-sub-nav"> <a class="sub-nav-level-1 pointer" href="/about-bce/our-purpose"> Our purpose </a> </li> <li class=""> <a class="sub-nav-level-1 pointer" href="#" role="button" aria-expanded="false" aria-haspopup="true" aria-controls="innerSubmenu23"> Leadership team </a> <ul class="sub-nav-group accss-focus-blue" role="presentation" id="innerSubmenu23"> <li class="sub-nav-item" role="presentation"> <ul class=" "> <li> <a href="/about-bce/leadership-team/executives"> Executives </a> </li> <li> <a href="/about-bce/leadership-team/board-members"> Board members </a> </li> <li> <a href="/about-bce/leadership-team/board-and-committees"> Board committees </a> </li> </ul> </li> </ul> </li> <li class="no-sub-nav"> <a class="sub-nav-level-1 pointer" href="/about-bce/governance"> Governance </a> </li> <li class=""> <a class="sub-nav-level-1 pointer" href="#" role="button" aria-expanded="false" aria-haspopup="true" aria-controls="innerSubmenu103"> Bell Ventures </a> <ul class="sub-nav-group accss-focus-blue" role="presentation" id="innerSubmenu103"> <li class="sub-nav-item" role="presentation"> <ul class=" "> <li> <a href="/about-bce/bell-ventures"> Overview </a> </li> <li> <a href="/about-bce/bell-ventures/portfolio"> Portfolio </a> </li> <li> <a href="/about-bce/bell-ventures/news"> News </a> </li> <li> <a href="/about-bce/bell-ventures/team"> Team </a> </li> <li> <a href="/about-bce/bell-ventures/contact-us"> Contact us </a> </li> </ul> </li> </ul> </li> <li class=""> <a class="sub-nav-level-1 pointer" href="#" role="button" aria-expanded="false" aria-haspopup="true" aria-controls="innerSubmenu111"> Bimcor </a> <ul class="sub-nav-group accss-focus-blue" role="presentation" id="innerSubmenu111"> <li class="sub-nav-item" role="presentation"> <ul class=" "> <li> <a href="/about-bce/bimcor"> Overview </a> </li> <li> <a href="/about-bce/bimcor/team"> Team </a> </li> </ul> </li> </ul> </li> <li class=""> <a class="sub-nav-level-1 pointer" href="#" role="button" aria-expanded="false" aria-haspopup="true" aria-controls="innerSubmenu40"> Our history </a> <ul class="sub-nav-group accss-focus-blue" role="presentation" id="innerSubmenu40"> <li class="sub-nav-item" role="presentation"> <ul class=" "> <li> <a href="/about-bce/history/overview"> Overview </a> </li> <li> <a href="/about-bce/history/timeline"> Timelines </a> </li> </ul> </li> </ul> </li> </ul> </div> </div> </li> <li class="connector-area active-lob " aria-current="true"> <div class="d-flex"> <a href="#" class="connector-lob-no-href pointer" role="button" aria-expanded="false" aria-haspopup="true" aria-controls="upperSubmenu6"> <span class="bellSlimSemibold ">Investors</span> </a> </div> <div class="menu-flyout" id="upperSubmenu6"> <div class="menu-flyout-root"> <ul class="sub-nav-root "> <li class="no-sub-nav"> <a class="sub-nav-level-1 pointer" href="/investors/overview"> Overview </a> </li> <li class="no-sub-nav"> <a class="sub-nav-level-1 pointer" href="/investors/invest-in-bce"> Invest in BCE </a> </li> <li class="no-sub-nav"> <a class="sub-nav-level-1 pointer" href="/investors/shares-and-dividends"> Shares and dividends </a> </li> <li class=""> <a class="sub-nav-level-1 pointer" href="#" role="button" aria-expanded="false" aria-haspopup="true" aria-controls="innerSubmenu64"> Financial reports </a> <ul class="sub-nav-group accss-focus-blue" role="presentation" id="innerSubmenu64"> <li class="sub-nav-item" role="presentation"> <ul class=" "> <li> <a href="/investors/financial-reports/quarterly-reports"> Quarterly </a> </li> <li> <a href="/investors/financial-reports/annual-documents"> Annual </a> </li> <li> <a href="/investors/financial-reports/archives"> Archives </a> </li> </ul> </li> </ul> </li> <li class="no-sub-nav"> <a class="sub-nav-level-1 pointer" href="/investors/events"> Events </a> </li> <li class=""> <a class="sub-nav-level-1 pointer" href="#" role="button" aria-expanded="false" aria-haspopup="true" aria-controls="innerSubmenu67"> Shareholder info </a> <ul class="sub-nav-group accss-focus-blue" role="presentation" id="innerSubmenu67"> <li class="sub-nav-item" role="presentation"> <ul class=" "> <li> <a href="/investors/shareholder-info/dividend-reinvestment-plan"> Dividend Reinvestment Plan </a> </li> <li> <a href="/investors/shareholder-info/administrative-aspects"> Administrative aspects </a> </li> <li> <a href="/investors/shareholder-info/corporate-actions"> Corporate actions </a> </li> <li> <a href="/investors/shareholder-info/calculate-your-cost"> Calculate your cost </a> </li> <li> <a href="/investors/shareholder-info/tax-aspects"> Tax aspects </a> </li> <li> <a href="/investors/shareholder-info/documents-request-and-electronic-delivery"> Request documents </a> </li> </ul> </li> </ul> </li> <li class=""> <a class="sub-nav-level-1 pointer" href="#" role="button" aria-expanded="false" aria-haspopup="true" aria-controls="innerSubmenu68"> Bonds </a> <ul class="sub-nav-group accss-focus-blue" role="presentation" id="innerSubmenu68"> <li class="sub-nav-item" role="presentation"> <ul class=" "> <li> <a href="/investors/bonds/bell-canada"> Bell Canada </a> </li> <li> <a href="/investors/bonds/bell-aliant"> Bell Aliant </a> </li> <li> <a href="/investors/bonds/bell-mts"> Bell MTS </a> </li> <li> <a href="/investors/bonds/sustainable-financing-framework"> BCE Sustainable Financing Framework </a> </li> <li> <a href="/investors/bonds/credit-ratings"> Credit ratings </a> </li> </ul> </li> </ul> </li> </ul> </div> </div> </li> <li class="connector-area " aria-current="false"> <div class="d-flex"> <a href="#" class="connector-lob-no-href pointer" role="button" aria-expanded="false" aria-haspopup="true" aria-controls="upperSubmenu3"> <span class="bellSlimSemibold ">Newsroom</span> </a> </div> <div class="menu-flyout" id="upperSubmenu3"> <div class="menu-flyout-root"> <ul class="sub-nav-root "> <li class="no-sub-nav"> <a class="sub-nav-level-1 pointer" href="/news-and-media/newsroom"> Latest news </a> </li> <li class="no-sub-nav"> <a class="sub-nav-level-1 pointer" href="/news-and-media/releases"> News archive </a> </li> <li class="no-sub-nav"> <a class="sub-nav-level-1 pointer" href="/news-and-media/perspectives"> Perspectives </a> </li> <li class="no-sub-nav"> <a class="sub-nav-level-1 pointer" href="/news-and-media/media-relations"> Media contacts </a> </li> <li class=""> <a class="sub-nav-level-1 pointer" href="#" role="button" aria-expanded="false" aria-haspopup="true" aria-controls="innerSubmenu32"> Media library </a> <ul class="sub-nav-group accss-focus-blue" role="presentation" id="innerSubmenu32"> <li class="sub-nav-item" role="presentation"> <ul class=" "> <li> <a href="/news-and-media/media-library/logos"> Logos </a> </li> <li> <a href="/news-and-media/media-library/images"> Images </a> </li> </ul> </li> </ul> </li> </ul> </div> </div> </li> <li class="connector-area " aria-current="false"> <div class="d-flex"> <a href="#" class="connector-lob-no-href pointer" role="button" aria-expanded="false" aria-haspopup="true" aria-controls="upperSubmenu7"> <span class="bellSlimSemibold ">Responsibility</span> </a> </div> <div class="menu-flyout" id="upperSubmenu7"> <div class="menu-flyout-root"> <ul class="sub-nav-root cr-navigation"> <li class="no-sub-nav"> <a class="sub-nav-level-1 pointer" href="/responsibility/overview"> Overview </a> </li> <li class=""> <a class="sub-nav-level-1 pointer" href="#" role="button" aria-expanded="false" aria-haspopup="true" aria-controls="innerSubmenu76"> Our capitals </a> <ul class="sub-nav-group accss-focus-blue" role="presentation" id="innerSubmenu76"> <li class="sub-nav-item" role="presentation"> <ul class=" "> <li> <a href="/responsibility/our-capitals/our-networks"> Our networks </a> </li> <li> <a href="/responsibility/our-capitals/our-customers-relationships"> Our customers and relationships </a> </li> <li> <a href="/responsibility/our-capitals/our-products-services"> Our products and services </a> </li> <li> <a href="/responsibility/our-capitals/our-environment"> Our environment </a> </li> <li> <a href="/responsibility/our-capitals/our-people"> Our people </a> </li> </ul> </li> </ul> </li> <li class="no-sub-nav"> <a class="sub-nav-level-1 pointer" href="/responsibility/awards-and-recognition"> Awards and recognition </a> </li> </ul> <div class="cr-naviation-links"> <span class="txtBold txtSize12 txtBlack2"> Learn more</span> <ul class="cr-naviation-links"> <li> <a href="https://www.bell.ca/Bell-for-Better" class="links d-flex justify-content-between" target="_blank" rel="noopener noreferrer" aria-label="Bell for Better, opens in new tab"> Bell for Better<i class="icon2 icon-external-link txtSize12 bce-no-top floatR" aria-hidden="true"></i></a> </li> <li> <a href="https://letstalk.bell.ca/en/" class="links d-flex justify-content-between" target="_blank" rel="noopener noreferrer" aria-label="Bell Let's Talk, opens in new tab"> Bell Let's Talk<i class="icon2 icon-external-link txtSize12 bce-no-top floatR" aria-hidden="true"></i></a> </li> </ul> </div> </div> </div> </li> <li class="connector-area ar-header" aria-current="false"> <div class="d-flex"> <div class="icon icon-user-guide txtSize32 txtWhite d-none d-md-block" aria-hidden="true"></div> <a href="javascript.void(0)" class="connector-lob-no-href pointer" role="button" data-toggle="modal" data-target="#accept-terms-read-report"> <span class="bellSlimSemibold "> Integrated annual<br class="d-sm-none d-md-block" aria-hidden="true"/> report 2023</span> </a> </div> </li> </ul> <ul class="federal-bar-mobile"> <li> <div> <a id="languageSelector-mobile" class="js-current-language footer-header-current-language" href="#" lang ="fr" hreflang="fr" data-vanityurl="/investisseurs/debenture/cotes-de-credit/" data-alternative="fr" role="button"> Français </a> </div> </li> <li> <div> <a href="/Accessibility_services" >Accessibility</a> </div> </li> </ul> </nav> <div class="connector-settings">   <div class="connector-search-wrap">  <div id="connector-search" class="CoveoSearchbox" data-enable-omnibox="true" data-enable-partial-match="true" data-partial-match-keywords="4" data-partial-match-threshold="75%"> </div>  </div>  </div> </div> </div> <div id="initial-lang-reigon-backdrop"></div> <div class="connector-active-lob modified-secondary-navigation mobile-secondary-navigation " role="navigation" aria-label="Secondary"> <div class="container"> <div id="msn-left" tabindex="0" class="msn-button" role="button" aria-label="Previous"></div> <a href="/investors" class="bellSlim section-link" aria-current="true"> Investors </a> <div class="link-container"> <ul class="clearfix"> <li class="" aria-current="false"> <a href="/investors/overview">Overview</a> </li> <li class="" aria-current="false"> <a href="/investors/invest-in-bce">Invest in BCE</a> </li> <li class="" aria-current="false"> <a href="/investors/shares-and-dividends">Shares and dividends</a> </li> <li class="" aria-current="false"> <a href="/investors/financial-reports">Financial reports</a> </li> <li class="" aria-current="false"> <a href="/investors/events">Events</a> </li> <li class="" aria-current="false"> <a href="/investors/shareholder-info">Shareholder info</a> </li> <li class="active" aria-current="page"> <a href="/investors/bonds">Bonds</a> </li> </ul> </div> <div id="msn-right" tabindex="0" class="msn-button" role="button" aria-label="Next"></div> </div> </div> </div> </header> <div id="accept-terms-read-report" class="modal fade scrollable-body accept-terms-read-report js-focus-modal-trap" role="dialog" tabindex="-1" data-backdrop="true" data-keyboard="true" aria-labelledby="accept-terms-read-report-title"> <div class="modal-dialog"> <div class="modal-content" role="document"> <div class="modal-header"> <h2 class="bellSlimBlack txtSize24 margin-b-0 txtBlack2" id="accept-terms-read-report-title"> Caution regarding forward-looking statements</h2> <button type="button" class="close" data-dismiss="modal" aria-label="close dialog" data-url="#"><span class="icon icon-close txtBlue txtSize20"></span></button> </div> <div class="modal-body scrollAdjust"> <p class="margin-b-30">The following webpages contain forward-looking statements including, without limitation, statements relating to BCE’s dividend growth objective, 2024 annualized common share dividend and dividend payout ratio level, and dividend payout policy target, BCE’s anticipated capital expenditures, network deployment plans and the benefits expected to result therefrom, our transformation initiatives and restructuring and the benefits expected to result therefrom, our ESG objectives and the benefits expected to result therefrom (which include, without limitation, our objectives concerning diversity, equity, inclusion and belonging (DEIB), customer experience, energy savings, circular economy and waste reduction, community investment, privacy and information security, network reliability, corporate governance and ethical business conduct leadership, reductions in the level of our GHG emissions including, without limitation, our carbon neutrality (scope 1 and 2 only) target and our science-based targets, and our carbon abatement objectives), the expected impacts on our company of various climate-related events, business opportunities that could result from climate change, BCE’s business outlook, objectives, plans and strategic priorities, and other statements that do not refer to historical facts. A statement we make is forward-looking when it uses what we know and expect today to make a statement about the future. Forward-looking statements are typically identified by the words <em>assumption, goal, guidance, objective, outlook, project, strategy, target, commitment</em> and other similar expressions or future or conditional verbs such as <em>aim, anticipate, believe, could, expect, intend, may, plan, seek, should, strive</em> and <em>will</em>. All such forward-looking statements are made pursuant to the safe harbour provisions of applicable Canadian securities laws and of the United States (U.S.) <em>Private Securities Litigation Reform Act of 1995</em>.</p> <p class="margin-b-30">Unless otherwise indicated by us, forward-looking statements in the following webpages describe our expectations as at March 7, 2024 and, accordingly, are subject to change after that date. Except as may be required by applicable securities laws, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in, or implied by, such forward-looking statements and that our business outlook, objectives, plans and strategic priorities may not be achieved. These statements are not guarantees of future performance or events, and we caution you against relying on any of these forward-looking statements. Forward-looking statements are presented in the following webpages for the purpose of assisting readers in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. Readers are cautioned, however, that such information may not be appropriate for other purposes.</p> <p class="margin-b-30">We have made certain economic, market, operational and other assumptions in preparing the forward-looking statements contained in the following webpages, which include, without limitation, the assumptions described in the subsections of the BCE 2023 Annual MD&A entitled <em>Assumptions</em>, which subsections are incorporated by reference in this cautionary statement. Subject to various factors, we believe that our assumptions were reasonable at March 7, 2024. If our assumptions turn out to be inaccurate, actual results or events could be materially different from what we expect.</p> <p class="margin-b-30">Important risk factors that could cause actual results or events to differ materially from those expressed in, or implied by, the previously-mentioned forward-looking statements and other forward-looking statements contained in the following webpages, include, but are not limited to, the risks described in section 9, <em>Business risks</em> of the BCE 2023 Annual MD&A, which section is incorporated by reference in this cautionary statement.</p> <p class="margin-b-30">Forward-looking statements contained in the following webpages for periods beyond 2024 involve longer-term assumptions and estimates than forward-looking statements for 2024 and are consequently subject to greater uncertainty. They assume, unless otherwise indicated, that the relevant assumptions and risks described in the BCE 2023 Annual MD&A will remain substantially unchanged during such periods.</p> <p class="margin-b-30">We caution readers that the risk factors described in the previously-mentioned section and in other sections of the BCE 2023 Annual MD&A are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our business, financial condition, liquidity, financial results or reputation. We regularly consider potential acquisitions, dispositions, mergers, business combinations, investments, monetizations, joint ventures and other transactions, some of which may be significant. Except as otherwise indicated by us, forward-looking statements do not reflect the potential impact of any such transactions or of special items that may be announced or that may occur after March 7, 2024. The financial impact of these transactions and special items can be complex and depends on facts particular to each of them. We therefore cannot describe the expected impact in a meaningful way, or in the same way we present known risks affecting our business.</p> </div> <div class="modal-footer"> <a class="btn btn-default col1-xs " role="button" href="/2023-integrated-report"> Agree and continue</a> </div> </div> </div> </div> <style> header.standard-outline .global-navigation .menu-flyout-visible .sub-nav-group.accss-focus-blue a:focus::before { border-color: #00549a !important; } </style> <main id="maincontent"> <div class="liquid-container bgGray19"> <div class="spacer45 spacer30-xs" aria-hidden="true"></div> <div class="liquid-container container"> <div class="row noMargin"> <div class="col-12 no-pad"> <h1 class="txtBlack2 txtSize32 txtSize24-xs bellSlimBlack txtBold noMargin" id="pageNavLabel">Bonds</h1> </div> </div> </div> </div> <div class="liquid-container bgGray19"> <div class="spacer30" aria-hidden="true"></div> <div class="liquid-container container overflow-x-auto-xs bce-inpage-navigation modified-bce-inpage-navigation"> <div class="row noMargin"> <div class="col-12 no-pad bce-tablist" role="navigation" aria-labelledby="pageNavLabel"> <ul class="noBullets d-flex justify-content-start"> <li class=" pad-30-right" aria-current="false"> <a href="/investors/bonds/bell-canada" target="_self" class="txtSize18 txtSize14-xs txtBlue txtUnderline linkUnderline "> <div role=presentation class="txtSize18">Bell Canada</div> </a> </li> <li class=" pad-30-right" aria-current="false"> <a href="/investors/bonds/bell-aliant" target="_self" class="txtSize18 txtSize14-xs txtBlue txtUnderline linkUnderline "> <div role=presentation class="txtSize18">Bell Aliant</div> </a> </li> <li class=" pad-30-right" aria-current="false"> <a href="/investors/bonds/bell-mts" target="_self" class="txtSize18 txtSize14-xs txtBlue txtUnderline linkUnderline "> <div role=presentation class="txtSize18">Bell MTS</div> </a> </li> <li class=" pad-30-right" aria-current="false"> <a href="/investors/bonds/sustainable-financing-framework" target="_self" class="txtSize18 txtSize14-xs txtBlue txtUnderline linkUnderline "> <div role=presentation class="txtSize18">BCE Sustainable Financing Framework</div> </a> </li> <li class="active pad-30-right" aria-current="true"> <a href="/investors/bonds/credit-ratings" target="_self" class="txtSize18 txtSize14-xs txtBlue txtUnderline active"> <div class="txtSize18">Credit ratings</div> </a> </li> </ul> </div> </div> </div> </div> <div class="container liquid-container"> <div class="spacer45 spacer30-xs" aria-hidden="true"></div> <p>The following tables detail the latest ratings.</p>  <div class="scrollableContainerShadow right"> <div class="scrollableContainer js-table-tabindex-mobile"> <table class="simple_table" role="grid" aria-rowcount="2"> <caption class="sr-only">BCE rating & outlook*All outlooks are stable</caption> <thead role="rowgroup" aria-hidden="true"> <tr class="bgBlue txtWhite fullWidth" role="row" aria-hidden="true"> <td scope="col" class="col-12" colspan="3" aria-colspan="3"> <span class="icon2 icon-BCE_Logo txtSize30 txtWhite top-neg-three"></span> <span class="rel-top-neg-four middle-align-self pad-10-left"><span class="sr-only">BCE rating & outlook </span> <span aria-hidden="true">rating & outlook</span>* <span class="sr-only">All outlooks are stable</span></span> </td> </tr> </thead> <tbody class="" role="rowgroup"> <tr class="fullWidth" role="row"> <th class="width-25pc bgwhite"> <div class="d-flex align-items-center"> <span>DBRS</span> </div> </td> <td class="width-50pc"> <div class="d-flex align-items-center">Preferred shares</div> </td> <td class="width-25pc"> <div class="d-flex align-items-center">Pfd-3</div> </td> </tr> <tr class="fullWidth" role="row"> <th class="width-25pc bgwhite"> <div class="d-flex align-items-center"> <span>STANDARD & POOR'S</span> </div> </td> <td class="width-25pc"> <div class="d-flex align-items-center"> <span>Preferred shares (<span aria-hidden="true">Cdn.</span><span class="sr-only">Canadian</span> scale – Global scale)</span> </div> </td> <td class="width-50pc"> <div class="d-flex align-items-center"> <span>P-3(high) – BB+</span> </div> </td> </tr> </tbody> </table> </div> </div>  <div class="spacer60 spacer30-xs spacer45-sm" aria-hidden="true"></div>  <div class="scrollableContainerShadow right"> <div class="scrollableContainer js-table-tabindex-mobile"> <table class="simple_table" role="grid" aria-rowcount="9"> <caption class="sr-only">BELL rating & outlook*All outlooks are stable</caption> <thead role="rowgroup" aria-hidden="true"> <tr class="bgBlue txtWhite fullWidth" role="row" aria-hidden="true"> <td scope="col" class="col-12" colspan="3" aria-colspan="3"> <span class="icon icon-bell-logo txtSize30 txtWhite"></span> <span class="rel-top-neg-four middle-align-self pad-10-left"><span class="sr-only">Bell rating & outlook </span> <span aria-hidden="true">rating & outlook</span>* <span class="sr-only">All outlooks are stable</span></span> </td> </tr> </thead> <tbody class="" role="rowgroup"> <tr class="fullWidth" role="row"> <th class="width-25pc bgwhite" rowspan="3" aria-rowspan="3"> <div class="d-flex align-items-center"> <span>DBRS</span> </div> </td> <td class="width-50pc"> <div class="d-flex align-items-center"> <span>Commercial paper</span> </div> </td> <td class="width-25pc"> <div class="d-flex align-items-center"> <span>R-2 (high)</span> </div> </td> </tr> <tr class="fullWidth" role="row"> <td class="width-25pc"> <div class="d-flex align-items-center"> <span>Unsecured senior debentures / Medium-term notes</span> </div> </td> <td class="width-50pc"> <div class="d-flex align-items-center"> <span>BBB (high)</span> </div> </td> </tr> <tr class="fullWidth" role="row"> <td class="width-25pc"> <div class="d-flex align-items-center"> <span>Subordinated debentures</span> </div> </td> <td class="width-50pc"> <div class="d-flex align-items-center"> <span>BBB (low)</span> </div> </td> </tr> <tr class="fullWidth" role="row"> <th class="width-25pc bgwhite" rowspan="3" aria-rowspan="3"> <div class="d-flex align-items-center"> <span> <span>MOODY'S</span> </span> </div> </td> <td class="width-50pc"> <div class="d-flex align-items-center"> <span>Commercial paper</span> </div> </td> <td class="width-25pc"> <div class="d-flex align-items-center"> <span>P-2</span> </div> </td> </tr> <tr class="fullWidth" role="row"> <td class="width-25pc"> <div class="d-flex align-items-center"> <span>Unsecured senior debentures / Medium-term notes</span> </div> </td> <td class="width-50pc"> <div class="d-flex align-items-center"> <span>Baa2</span> </div> </td> </tr> <tr class="fullWidth" role="row"> <td class="width-25pc"> <div class="d-flex align-items-center"> <span>Subordinated debentures</span> </div> </td> <td class="width-50pc"> <div class="d-flex align-items-center"> <span>Baa3</span> </div> </td> </tr> <tr class="fullWidth" role="row"> <th class="width-25pc bgwhite" rowspan="3" aria-rowspan="3"> <div class="d-flex align-items-center"> <span>STANDARD & POOR'S</span> </div> </td> <td class="width-25pc"> <div class="d-flex align-items-center"> <span>Commercial paper (<span aria-hidden="true">Cdn.</span><span class="sr-only">Canadian</span>. scale – Global scale)</span> </div> </td> <td class="width-50pc"> <div class="d-flex align-items-center"> <span>A-2(Cdn) – A-2</span> </div> </td> </tr> <tr class="fullWidth" role="row"> <td class="width-25pc"> <div class="d-flex align-items-center"> <span>Unsecured senior debentures / Medium-term notes</span> </div> </td> <td class="width-50pc"> <div class="d-flex align-items-center"> <span>BBB</span> </div> </td> </tr> <tr class="fullWidth" role="row"> <td class="width-25pc"> <div class="d-flex align-items-center"> <span>Subordinated debentures</span> </div> </td> <td class="width-50pc"> <div class="d-flex align-items-center"> <span>BBB-</span> </div> </td> </tr> </tbody> </table> </div> </div>  <div class="spacer30" aria-hidden="true"></div> <div class="txtSize12"> <p class="noMargin"> <span>*</span>BCE Inc. and Bell Canada’s ratings have stable outlooks.</p> </div> <div class="spacer30" aria-hidden="true"></div>  <div class="accordion accordion-wrap"> <div class="accordion-group"> <div class="accordion-heading"> <a href="javascript:void(0)" id="creditRatingDetailsLabel" class="accordion-tog accordPanel txtSize14 txtBold txtNoUnderline d-inline-flex align-items-center" aria-expanded="false" role="button" expanded-true="Hide details" expanded-false="Show details"> <i class="icon txtSize20 icon-exapnd-outline-circled txtBold margin-r-10"></i> <span>Show details</span> </a> </div> <div class="collapse-accordion accordion-body collapse" style="display: none;" role="region" aria-labelledby="creditRatingDetailsLabel"> <div class="accordion-inner"> <div class="spacer10 clear noTxt"></div> <p>The credit ratings assigned by the rating agencies are not recommendations to buy, sell or hold securities of BCE Inc. and/or Bell Canada and may be revised or withdrawn at any time by the assigning rating agency. Each credit rating should be evaluated independently or any other credit rating. </p> </div> </div> </div> </div> </div> <div class="spacer30" aria-hidden="true"></div> </main> <link rel="stylesheet" type="text/css" href="/styles/BRF3/app.css?v=XV_kjGuxOhGwdZdme6znLR36uuUFGT8Mv2LFekZwHZU1"> <script defer src="/scripts/BRF3/bottom.js?v=E585QVAvBGkZuTnTyBCGTfpLWSMxurh0d1V9816nPw81"></script> <div data-searchbox="endpoint: https%3A%2F%2Fapigate.bell.ca%2Fchannelbceext%2Fcoveo,panel: connector-mobile-bar,trigger: connector-search-button,connector: connector-search,interface: coveoSearchInterface"></div> <footer class="footer_grey standard-outline"> <a href="#maincontent" class="footer_skip_to_main_link d-none d-md-block"> Skip to main content </a> <div class="footer_grey_wrapper"> <div class="footer_container container liquid-container ">  <nav class="col-12 no-pad bread_crumbs_wrapper" aria-label="footer Breadcrumb"> <ol class="bread_crumbs_container noBullets container-flex-box-wrap"> <li class="bread_crumbs_item"> <a href="/">BCE</a> <i class="icon icon-chevron txtSize12 txtDarkGrey" aria-hidden="true"></i> </li> <li class="bread_crumbs_item"> <a href="/investors">Investors</a> <i class="icon icon-chevron txtSize12 txtDarkGrey" aria-hidden="true"></i> </li> <li class="bread_crumbs_item"> <a href="/investors/bonds">Bonds</a> <i class="icon icon-chevron txtSize12 txtDarkGrey" aria-hidden="true"></i> </li> <li class="bread_crumbs_item" aria-current="page"> <span>Credit ratings</span> <i class="icon icon-chevron txtSize12 txtDarkGrey" aria-hidden="true"></i> </li> </ol> </nav>  <div class="spacer30" aria-hidden="true"></div> <div class="spacer1 bgGrayLight2" aria-hidden="true"></div> <div class="spacer30" aria-hidden="true"></div>  <div class="fourcol_links_list_wrapper"> <ul class="fourcol_ll_container noBullets" aria-label="bell links"> <li class="fourcol_ll_item"> <div> <a href="/contact-us" aria-label="BCE Contact Us">Contact us</a> </div> </li> <li class="fourcol_ll_item"> <div> <a href="https://www.bell.ca/">Bell.ca</a> </div> </li> <li class="fourcol_ll_item"> <div> <a href="https://bell.mediaroom.com/index.php?s=29919">BCE news alerts</a> </div> </li> <li class="fourcol_ll_item"> <div> <a href="https://www.bellmedia.ca/">Bell Media</a> </div> </li> <li class="fourcol_ll_item"> <div> <a href="/investors/shareholder-info/documents-request-and-electronic-delivery">Request documents</a> </div> </li> <li class="fourcol_ll_item"> <div> <a href="https://letstalk.bell.ca/en/">Bell Let’s Talk</a> </div> </li> <li class="fourcol_ll_item"> <div> <a href="/regulatory" class=""> Regulatory </a> </div> </li> <li class="fourcol_ll_item"> <div> <a href="https://jobs.bell.ca/ca/en">Jobs@Bell</a> </div> </li> </ul> </div>  <div class="spacer30" aria-hidden="true"></div> <div class="spacer1 bgGrayLight2" aria-hidden="true"></div> <div class="spacer30" aria-hidden="true"></div>  <div class="email_list_wrapper"> <ul class="email_list_cont row noBullets" aria-label="company emails"> <li class="email_list_column"> <div class="email_list_item"> <div class="el_item_header"> <span class="txtBold" role="heading" aria-level="2">Corporate Secretary</span> </div> <div class="spacer5" aria-hidden="true"></div> <div class="el_item_content"> <a href="mailto:corporate.secretariat@bell.ca">corporate.secretariat@bell.ca <span class="icon2 icon-external-link pad-l-5" aria-hidden="true"></span> <span class="sr-only"> opens in new tab</span></a> </div> </div> </li> <li class="email_list_column"> <div class="email_list_item"> <div class="el_item_header"> <span class="txtBold" role="heading" aria-level="2">Investor Relations</span> </div> <div class="spacer5" aria-hidden="true"></div> <div class="el_item_content"> <a href="mailto:investor.relations@bell.ca">investor.relations@bell.ca <span class="icon2 icon-external-link pad-l-5" aria-hidden="true"></span> <span class="sr-only"> opens in new tab</span></a> </div> </div> </li> <li class="email_list_column"> <div class="email_list_item"> <div class="el_item_header"> <span class="txtBold" role="heading" aria-level="2">Media Relations</span> </div> <div class="spacer5" aria-hidden="true"></div> <div class="el_item_content"> <a href="mailto:media@bell.ca">media@bell.ca <span class="icon2 icon-external-link pad-l-5" aria-hidden="true"></span><span class="sr-only"> opens in new tab</span></a> </div> </div> </li> <li class="email_list_column"> <div class="email_list_item"> <div class="el_item_header"> <span class="txtBold" role="heading" aria-level="2">Corporate Responsibility</span> </div> <div class="spacer5" aria-hidden="true"></div> <div class="el_item_content"> <a href="mailto:esg@bell.ca">esg@bell.ca <span class="icon2 icon-external-link pad-l-5" aria-hidden="true"></span><span class="sr-only"> opens in new tab</span></a> </div> </div> </li> </ul> </div>  <div class="spacer30" aria-hidden="true"></div> <div class="spacer1 bgGrayLight2" aria-hidden="true"></div> <div class="spacer30" aria-hidden="true"></div>  <div class="row no-margin"> <div class="col-12 col-md-6 no-pad"> <div class="site_links_list_wrapper"> <ul class="site_links_list_cont noBullets dif" aria-label="site links"> <li> <a href="/legal-notice" class="txtSize12 no-break-white-space"> Legal notice </a> </li> <li> <a href="https://support.bell.ca/Billing-and-Accounts/Security_and_privacy/How_does_Bell_respect_my_privacy" class="txtSize12 no-break-white-space"> Privacy </a> </li> <li> <a href="https://support.bell.ca/Billing-and-Accounts/Security_and_privacy/Security-and-preventing-fraud" class="txtSize12 no-break-white-space"> Security </a> </li> <li> <a href="/site-map" class="txtSize12"> Site map </a> </li> <li> <a href="/Accessibility_services" class="txtSize12"> Accessibility </a> </li> </ul> </div> <div class="spacer15" aria-hidden="true"></div> <div class="footer_copyright txtSize12">© BCE Inc 2024, All rights reserved.</div> <div class="spacer30 d-block d-md-none" aria-hidden="true"></div> </div> </div>  </div> </div> <div class="spacer30 d-none d-md-block" aria-hidden="true"></div> <div class="backtotop_tablet_mobile_wrapper container liquid-container"> <div id="history-jump-to-date" style="display: none;"> <a href="#" data-toggle="modal" data-target="#jump-to-date-modal" class="btn btn-default-white txtDecorationNoneHover"> <span class="icon_background" aria-hidden="true"> Jump to date </span> </a> </div>  <div class="backtotop_tablet_mobile"> <a href="#" class="scrollToTop mobile" title="Back to Top"> <span class="icon_background" aria-hidden="true"><i class="icon icon-back-to-top txtSize24" aria-hidden="true"></i></span> </a> </div>  <style> @media screen and (max-width: 767px) { .backtotop_tablet_mobile_wrapper .backtotop_tablet_mobile .icon_background { background-color: transparent !important; box-shadow: none !important; } } </style>   <div class="backtotop_desktop txtCenter d-none d-md-block"> <a class="scrollToTop btn btn-primary txtDecorationNoneHover txtBhover" href="#"> <i class="icon icon-back-to-top" aria-hidden="true"></i> <span class="margin-10-left ">Back to top</span> </a> </div>  </div> <div class="spacer30 d-none d-md-block" aria-hidden="true"></div> <div class="footnotes-ar d-none" aria-hidden="true"> <div id="fn-1">* All fractional shares were rounded down and paid in cash en lieu.</div> <div id="fn-2">* Toutes les actions fractionnaires seront arrondies vers le bas et payées en espèce.</div> <div id="fna-1"><span class="prnews_span"><sup>i</sup> IDC report <i>IoT Adoption in Canada, 2021</i> by Nigel Wallis IDC#CA47059321 </span></div> <div id="fna-2"><span class="prnews_span"><sup>i  </sup>Rapport d'IDC <i>IoT Adoption in Canada, 2021</i> par Nigel Wallis, document d'IDC numéro CA47059321</span></div> <div id="fnt-1">1. As the Incumbent Local Exchange Carrier Bell Canada provides local exchange service to most MDUs in Ontario and Quebec.</div> <div id="fnt-2">2. Service is provided under Bell Canada's CRTC approved "Terms of Service" and no other written access agreements exist for these buildings.</div> <div id="fnt-3">3. Local Exchange Carriers requesting information on any other specific locations are requested to contact their Bell Canada Carrier Services Group representative via normal channels.</div> <div id="fntf-1">1. À titre d'entreprise de services locaux titulaire, Bell Canada offre le service local à la plupart des ILM du Québec et de l'Ontario. Le service est fourni en vertu des « modalités de service » de Bell Canada qui sont approuvées par le CRTC, et aucune autre entente d'accès n'existe pour ces immeubles.</div> <div id="fntf-2">2. Il existe un petit nombre d'ILM récemment construits auxquels Bell Canada tente encore d'accéder. Veuillez consulter les sites Web publics d'autres entreprises de services locaux pour connaître ces immeubles.</div> <div id="fntf-3">3. Les entreprises de services locaux qui ont besoin d'information sur tout autre immeuble sont priées de contacter leur représentant des Services aux télécommunicateurs de Bell Canada par les voies normales.</div> </div> <div class=" pad-v-sm-30 pad-v-30 margin-t-60 footnote-additional-details hide js-focus-modal-trap" role="dialog" aria-labelledby="footnote-title"> <div class="d-flex flex-justify-space-between align-items-center pad-b-sm-15 pad-b-25 scroll-shadow pad-h-30 pad-h-xs-15"> <h2 class="txtBold txtSize18 txtBlack magrin-b-0 " id="footnote-title"> Additional details</h2> <button type="button" class="close d-flex pad-0-force margin-0-force close-additional-details" aria-label="Close Additional details"> <span class="icon icon-close txtBlue txtBold txtSize20" role="img" title="close" aria-hidden="true"></span> <span class="sr-only" aria-hidden="true">Close Additional details icon</span> </button> </div> <div class="footnote-details-content pad-h-30 pad-h-xs-15"> <div class="txtSize14 line-height-18 margin-b-0 footnote-text"></div> </div> </div> </footer> <div id="js-loading-indicator" class="loader-fixed bgWhite container-flex-box" style="display: none;" role="alert"> <svg class="loading-indicator-circle middle-align-self" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 48 48" aria-hidden="true"> <defs> <linearGradient id="ed1bf9d4-a7f2-4989-8a76-7b966164730a" x1="0" x2="0" y1="10%" y2="90%"><stop offset="0" stop-color="#04569b"></stop><stop offset="1" stop-color="#97b6d2"></stop></linearGradient> <linearGradient id="4762aef6-befd-4893-9ab8-18ee7b0b8817" x1="0" x2="0" y1="90%" y2="10%"><stop offset="0" stop-color="#97b6d2"></stop><stop offset="1" stop-color="#fff"></stop></linearGradient> </defs> <path fill="url(#ed1bf9d4-a7f2-4989-8a76-7b966164730a)" d="M24 3C12 3 3 12 3 24S12 45 24 45v-4c-10 0-17-8-17-17S15 7 24 7v-4z"></path> <path fill="url(#4762aef6-befd-4893-9ab8-18ee7b0b8817)" d="M24 3v4c10 0 17 8 17 17S34 41 24 41v4c12 0 21-10 21-21S36 3 24 3z"></path> </svg> Loading data, please wait... </div> <script type="text/javascript" nonce="f160eebadaa64ff3a3fd38e8c02cc585"> function showAjax(visible) { document.getElementById("js-loading-indicator").style.display = visible ? 'block' : 'none'; } </script> </body> </html>

CINXE.COM

Credit Ratings of BCE and Bell Canada | BCE Inc.