Second-largest incumbent player in the relatively stable U.S. cable industry, with good geographic diversity. Programming procurement benefits associated with scale. Above-average broadband penetration levels that provide good revenue visibility. Lower-margin video profitability under pressure from shifting technology, changing consumer preferences, and rising programming costs Longer-term risk of increased broadband competition from wireless players offering 5G services. Relatively steady credit metrics through 2019, as higher debt to fund shareholder returns and/or merger and acquisition activity offsets healthy, predictable cash flow. Financial policy includes stated leverage target of 4.0x-4.5x, consistent with our current range for the 'BB+' rating. Free operating cash flow (FOCF) to debt of between 5%-8%, with elevated capital expenditures to support all-digital rollout in 2018. No material cash income
