Fitch affirms Telus

Fitch Ratings said it affirmed Telus Corp.'s issuer default rating at BBB+ and its senior unsecured notes at BBB+.

The agency also said it affirmed subsidiary, Telus Communications Inc.'s issuer default rating at BBB+ and senior unsecured debentures at BBB+.

The outlook is stable.

The ratings reflect the stability of the company's diversified operations, its position as one of the three principal national wireless operators in the Canadian market and its leading market position as a local wireline operator in Western Canada and Eastern Quebec, Fitch said.

An important consideration in the rating is the strong performance of the wireless business, which continues to generate solid growth in revenues, EBITDA and simple free cash flow, the agency said.

Concerns include the continued competition from new wireless entrants in the company's major markets, Fitch said, and ongoing pressure on wireline-voice revenues.

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