Small scale and low system densities; Below industry-average penetration levels compared to peers; Basic video subscriber losses that are substantially higher than those of its peers; Competitive pressures from satellite providers and incumbent telephone companies; and Solid EBITDA margins, in the low-40% area, and a still-dominant position as an incumbent provider of pay-TV and broadband services. Low adjusted debt to EBITDA, in the low- to mid-1x area, relative to our financial risk assessment; Solid free operating cash flow (FOCF) to debt of at least 20%; and Our expectation that debt-financed acquisitions or share repurchases will result in higher leverage longer term, as per the company's stated financial policy. S&P Global Ratings' stable rating outlook on Cable One Inc. reflects our
