Solid operating momentum and execution at the Canadian cable operations Good growth prospects given the relatively low penetration levels of various new services Meaningfully improving free cash flows and credit metrics Aggressive financial policy; risk of increased complexity and debt leverage through international expansion Highly competitive market for cable TV services from well-established players Relatively small operator in the Canadian and Portuguese cable and telecom industry The ratings on Montreal-based Cogeco Cable Inc. are based on the consolidated risk profile of its 100%-owned Canadian and Portuguese cable subsidiaries. The ratings underpin a solid business risk profile of the company's Canadian operations, which generate about three-fourths of consolidated revenues, partially offset by the weak business risk profile of Portugal-based cable TV
