Nortel Networks Limited: New Issue

Paul Holman

Paul Holman

(416) 593-5577 x234

e-mail: pholman@dbrs.com

DBRS has assigned a rating of A (high) to Nortel Network Limited’s US$1.5 billion of 6.125% Notes maturing February 15, 2006.

DBRS is a Toronto-based, full-service credit rating agency established in 1976. Privately-owned and operated without affiliation to any organization, DBRS is respected for its independent, third-party evaluations of corporate and government issues, spanning North America, Europe and Asia. DBRS’ extensive coverage of securitizations and structured finance transactions solidifies our standing as a leading provider of comprehensive, in-depth credit analysis.

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