Moody's rates Bell Canada notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to Bell Canada's new C$1 billion multi-maturity senior unsecured notes offering (C$400 million of five-year notes and C$600 million of 10-year notes).

The new notes offering has no ratings implications as the agency said it expects the proceeds will be used to effectively fund the recent redemption of the $1 billion (M-20) June 30, 2014 notes. Accordingly, the new notes are rated at the same Baa1 level as all of Bell Canada's existing senior unsecured notes and the outlook remains stable.

Moody's said Bell Canada's Baa1 senior unsecured ratings are based on the company's large and diversified franchise together with generally supportive government regulations that have fostered an oligopoly.

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