Solid market position of the company's Canadian cable operations, which comprise more than 90% of total EBITDA 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 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 Cogeco Cable Inc. reflect the consolidated risk profile of the company's 100%-owned Canadian and Portuguese cable subsidiaries. In Standard&Poor's Ratings
