Stable core cable operations with modest growth in revenue and operating income Continued growth in digital TV and high-speed Internet (HSI) subscribers Continued positive free operating cash flow; further debt reduction expected Below-average financial risk profile characterized by somewhat high leverage Competitive market for TV services from satellite operators and broadband services from Bell Canada Relatively small operator in the Canadian cable and telecom industry The ratings on Cogeco Cable reflect the company's below-average, but improving financial risk profile, given the company's somewhat aggressive leverage, and the company's average business position as Canada's fourth-largest cable company. Cogeco Cable's controlling parent, Cogeco Inc. (Cogeco), has no material effect on the ratings. Standard&Poor's Ratings Services expects continued marginal improvements in
