Solid business risk profile of the Canadian cable operations Conservative debt leverage Improving discretionary free cash flow Aggressive financial policy Relatively small operator in the Canadian and Portuguese cable and telecom industry Highly competitive market for cable TV services from well-established players, particularly in Portugal where competition is increasing Weakening operating performance at the Portuguese operations The ratings on Cogeco Cable Inc. are based on the consolidated risk profile of the company's 100%-owned Canadian and Portuguese cable subsidiaries. In Standard&Poor's Ratings Services' opinion, the ratings underpin the 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 its Portugal-based cable operator Cabovisao-Televisao por
