Telus 2005 Annual Report Download - page 40

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39
Institution Rating Outlook
by the subcategories "high" and "low". The
absence of either a "high" or "low"
designation indicates the rating is in the
"middle" of the category.
S&P
An obligation rated ‘BBB’ exhibits
adequate protection parameters. However,
adverse economic conditions or changing
circumstances are more likely to lead to a
weakened capacity of the obligor to meet its
financial commitment on the obligation.
The ratings from ‘AA’ to ‘CCC’ may be
modified by the addition of a plus or minus
sign to show relative standing within the
major rating categories.
Rating outlooks assess the potential
direction of a rating, typically over a six-
month to two-year period. An outlook does
not necessarily precede a rating change or
CreditWatch placement. Outlooks may be
positive, negative, stable, or developing and
they accompany all long-term credit ratings
except those on CreditWatch.
Moody’s
Issuers rated “Baa” are subject to moderate
credit risk. They are considered medium-
grade and as such may possess certain
speculative characteristics.
Moody's appends numerical modifiers 1, 2,
and 3 to each generic rating classification
from ‘Aa’ through ‘Caa’. The modifier 1
indicates that the obligation ranks in the
higher end of its generic rating category; the
modifier 2 indicates a mid-range ranking;
and the modifier 3 indicates a ranking in the
lower end of that generic rating category.
A Moody's rating outlook is an opinion
regarding the likely direction of a rating
over the medium term. Where assigned,
rating outlooks fall into the following four
categories: Positive (POS), Negative (NEG),
Stable (STA), and Developing (DEV --
contingent upon an event).
See also “Material Contracts” on page 46 of this annual information form for more information.
DIRECTORS AND OFFICERS
Directors
The names, municipalities of residence, principal occupations of the directors of TELUS and the
date the person became a director of TELUS are as set out below. Currently, there are 12
directors on the TELUS Board.
Directors of TELUS
Name and municipality of residence
Director
since (1) Principal occupation
R.H. (Dick) Auchinleck(3)(4)
Calgary, Alberta
2003 Corporate Director
A. Charles Baillie(2) 2003 Corporate Director