The Financial Post reports in its Friday edition BCE's announcement last month to take Bell Aliant private has been good for shareholders in the Atlantic Canada telco, but it is also expected to benefit bondholders, says Andrew Calder, credit analyst at RBC Capital Markets. The Post's David Pett, writing in Trading Desk, quotes Mr. Calder as saying in a note, "We recommend investors play BA through deal close to pick up the basis between BA and Bell Canada bond spreads, on the expectation that BCE/Bell will guarantee BA debt." Mr. Calder upgraded his rating on Bell Aliant credit to outperform from sector perform. "Potential upside (spreads compressing on a guarantee) is compelling, while downside (on a relative basis) is nil or close to, as BA bonds should not widen vis-à-vis Bell post-acquisition even without a guarantee, in our view." BCE is offering $31 a share for the 56 per cent of Bell Aliant it does not currently own, for $3.95-billion. The deal provided an immediate 12-per-cent boost to BA shares. Mr. Calder said the acquisition is credit positive for Bell Aliant bonds because Bell Canada is higher rated and larger, with more wireless and urban exposure. It is also a stronger credit.