On Aug. 3, 2006, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Montreal, Que.-based cable service provider Cogeco Cable Inc. (Cogeco) to 'BB' from 'BB+' following the company's announcement that it has completed the previously announced debt-financed acquisition of Portugal-based cable operator Cabovisao-Televisao por Cabo S.A. (Cabovisao). Standard&Poor's also lowered the rating on Cogeco's first priority senior secured debt to 'BB+' from 'BBB-' and affirmed the recovery rating of '1'. Cogeco's C$725 million revolving credit facility and C$175 million term loan credit facility were assigned a 'BB+' senior secured debt rating with a recovery rating of '1'. The '1' recovery rating reflects expectation of a full recovery of principal in a default scenario. In
