RE:Telus BondsThe negative outlook is likely due to their overall debt:EBITDA ratio being above target and likely will continue to be elevated with the spend needed for the upcoming 5G spectrum actions for 3800 MHz and mm-wave.
However, per their Q2 earnings call, excluding the impact of their spend on the spectrum auctions (which is being used to aquire a valuable asset), their debt:EBITDA ratio is actually decreasing and is reasonable close to target.