Telus 2007 Annual Report Download - page 37

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37
Institution Rating Outlook
than higher-rated securities.
Long-term debt rated “BBB” is of
adequate credit quality. Protection of
interest and principal is considered
acceptable, but the entity is fairly
susceptible to adverse changes in
financial and economic conditions,
or there may be other adverse
conditions present which reduce the
strength of the entity and its rated
securities.
The ratings from “AA” to “CCC” are
denoted 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.
DBRS’ short-term debt rating scale
is meant to give an indication of the
risk that a borrower will not fulfill its
near-term debt obligations in a
timely manner. The ratings range
from R-1 (high) to D. Short-term debt
rated R-1 (low) is of satisfactory
credit quality. The overall strength
and outlook for key liquidity, debt,
and profitability ratios is not normally
as favourable as with higher rating
categories, but these considerations
are still respectable. Any qualifying
negative factors that exist are
considered manageable, and the
entity is normally of sufficient size to
have some influence in its industry.