The Globe and Mail reports in its Saturday edition that Moody's Ratings cut BCE's credit rating Friday to the last level above junk-bond status, citing its high debt levels and limited ability to improve the situation. The Globe's David Milstead writes that Moody's also cut Bell Canada, BCE's major operating unit, to a rating two notches above junk, also known as "non-investment grade." Credit ratings help debt investors assess the risk of loaning money to a company. Lower ratings often force a company to pay higher rates on its borrowings to offset that risk. Analyst Peter Adu said Bell Canada has consistently increased its ratio of debt to profits since 2019 "and has not demonstrated any commitment to deleveraging while maintaining a dividend growth model, which raises governance risk and is a factor that drives the rating downgrade." BCE has a long-term commitment to boosting its dividend, having raised it for 16 straight years. Dividend growth was 5 per cent a year for a decade through 2023. Chief executive officer Mirko Bibic called it an "unwavering commitment to dividend growth. Dividend growth remains central to our value proposition, and we'll continue to prioritize it in our capital allocation."