Solid market position of the company's Canadian cable operations, which comprise 80% of total revenue Healthy medium-term growth prospects in Canada from new services Improved free cash flow and solid credit protection metrics Aggressive financial policy; risk of increased complexity and debt leverage through international expansion, although none is expected in the near term Increased competition in Portugal has led to subscriber erosion, lower revenues, and a dramatic decline in profitability; operations are expected to generate negative free cash flow in fiscal 2010 Relatively smaller operator in the Canadian and Portuguese cable and telecom industry Highly competitive market for cable services from well-established players The ratings on Montreal-based cable TV services provider Cogeco Cable Inc. reflect what Standard&Poor's
