On Dec. 15, 2005, Standard&Poor's Ratings Services affirmed its ratings on Cogeco Cable Inc., including its 'BB+' long-term corporate credit rating. The outlook is stable. The ratings on Cogeco Cable reflect the company's satisfactory business position as Canada's fourth-largest cable company, as well as a substantial improvement in the company's financial risk profile in the past three years as free operating cash flow has been applied to debt reduction. Leverage and other key credit measures have now improved to levels which are consistent with the current rating. Barring management's stated intention of seeking appropriate international acquisition(s), credit measures would be expected to improve further. Nevertheless, Standard&Poor's believes that any acquisition that comes to fruition could have
