TELUS Corporation: Rating Report

On June 14, 2023, DBRS Limited (DBRS Morningstar) confirmed TELUS Corporation's (TELUS or the Company) Issuer Rating and the rating of the Company's Notes at BBB. DBRS Morningstar also confirmed TELUS' Commercial Paper rating at R-2 (middle) and the rating of TELUS Communications Inc.'s Senior Debentures at BBB. All trends remain Stable, reflecting the Company's industry-leading earnings growth, which continues to be supported by heavy investments in its fibre-optic network as well as the continued growth and diversification of its non-telecommunications businesses. The rating confirmations reflect double-digit earnings growth in the last 12 months that was in line with DBRS Morningstar's expectations. The ratings continue to be supported by TELUS' well-entrenched market position and proven track record of profitable growth, while also reflecting intensifying competition, risks associated with regulatory and technological change, as well as the industry’s capital-intensive nature.