Strengths: Stable core cable operations with modest growth in revenue and operating income Continued growth in digital TV, high-speed Internet subscribers, and telephony subscribers Continued positive free operating cash flow Weaknesses: Aggressive financial risk profile Risk of increased complexity and leverage through international expansion 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 Inc. reflect the company's satisfactory business position as Canada's fourth-largest cable company, and the substantial improvement in its financial risk profile in the past three years as free operating cash flow has been applied to debt reduction. Leverage and other key credit measures have now improved to
