On Feb. 25, 2003, Standard&Poor's Ratings Services lowered its ratings on cable operator Cogeco Cable Inc. due to relatively weak credit measures that were not in line with the rating category, including the long-term corporate credit rating. The long-term corporate credit rating was lowered to 'BB+' from 'BBB-', and the ratings on the company's first-priority senior secured debt were lowered to 'BBB-' from 'BBB'. The outlook is stable. Negative free cash flows, driven by acquisitions in 2000 and 2001 and capital expenditures associated with system upgrades and new services, resulted in increased leverage, while at the same time, heightened competition eroded EBITDA margins and weakened the Montreal, Que.-based company's business profile. Although in the past year Cogeco Cable
