RE:Credit rating agency S&POutlook and actual cut in credit rating are 2 very different animals, and shouldn't be confused.
Did you actually read the report? If you did, it talks about how the Current Credit Rating remains unchanged and that BCE's cost cutting and possible sale of non-core assets this year should help in reducing debt and stabilize growth.
They also don't see a cut in dividend, although future growth of the dividend may need to be looked at if BCE cannot improve on their debt leverage within the next 12 months by executing on cost cutting measures and asset divestiture of non-core assets.
S&P stated that there is a 1 in 3 possibility of credit rating reduction if BCE does not execute on their initiatives. That's a 33% chance BCE will get a cut in their credit rating in the next 12 months.
I believe BCE management will maintain BCE's rating. They have a 67% chance in doing so. Your glass may be half empty, but mine is half full.