Bonds

The following tables detail the latest ratings.

BCE rating & outlook*BCE Inc. and Bell Canada’s ratings have a stable outlook at Moody's and DBRS and one of the ratings at S&P for Bell Canada is negative.
BCE rating & outlook * BCE Inc. and Bell Canada’s ratings have a stable outlook at Moody's and DBRS and one of the ratings at S&P for Bell Canada is negative.
DBRS	Preferred shares	Pfd-3
STANDARD & POOR'S	Preferred shares (Canadian scale – Global scale)	P-3(high) – BB+

BELL rating & outlook *BCE Inc. and Bell Canada’s ratings have a stable outlook at Moody's and DBRS and one of the ratings at S&P for Bell Canada is negative.
Bell rating & outlook *BCE Inc. and Bell Canada’s ratings have a stable outlook at Moody's and DBRS and one of the ratings at S&P for Bell Canada is negative.
DBRS	Commercial paper	R-2 middle
	Unsecured senior debentures / Medium-term notes	BBB
	Subordinated debentures	BB (high)
	Junior subordinated debentures	BB (high)
MOODY'S	Commercial paper	P-2
	Unsecured senior debentures / Medium-term notes	Baa2
	Subordinated debentures	Baa3
	Junior subordinated debentures	Baa3
STANDARD & POOR'S	Commercial paper (Canadian. scale – Global scale)	A-2(Cdn) – A-2
	Unsecured senior debentures / Medium-term notes	BBB
	Subordinated debentures	BBB-
	Junior subordinated debentures	BB+

*BCE Inc. and Bell Canada’s ratings have a stable outlook at Moody's and DBRS and one of the ratings at S&P for Bell Canada is negative.