Fitch rates Telus notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Telus Corp.'s C$600 million of 3.65% senior unsecured note offering due in 2016.

The proceeds will be applied to the repayment of the company's outstanding $748.5 million of 8% notes due June 1, 2011 and accrued interest.

The remaining balance will be funded by drawings on its revolving credit facility, commercial paper, an accounts receivable securitization program and operating cash flows, Fitch said.

The outlook is stable.

The ratings reflect the company's diversified revenue mix, its position as one of 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, the agency said.

The Canadian economy has moderately expanded since emerging from the recession in the third quarter of 2009, Fitch said, and the improvement has contributed to a strengthening of wireless postpaid gross and net additions.

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