Solid market position of the company's Canadian cable operations, which comprise 85% of total revenue Healthy medium-term growth prospects in Canada from new services Conservative debt leverage and healthy credit protection metrics Aggressive financial policy; risk of increased complexity and debt leverage through international expansion, although none expected in the near term Relatively small operator in the Canadian and Portuguese cable and telecom industry Increased competition in Portugal has led to subscriber erosion, lower revenue, and a dramatic decline in profitability; the operations are expected to generate negative free cash flow in the near term The ratings on Cogeco Cable Inc. reflect the consolidated risk profile of the company's 100%-owned Canadian and Portuguese cable subsidiaries. In Standard&Poor's Ratings
