Small scale and below-industry-average penetration levels compared to peers; Lower-margin video profitability under pressure from shifting technology, changing consumer preferences, and rising programming costs; Dominant position as an incumbent provider of broadband services in its markets; and Healthy EBITDA margins in the mid-40% area driven by de-emphasis on lower-margin video. Low adjusted debt-to-EBITDA, in the low-2x area, provides cushion for the rating; Solid free operating cash flow (FOCF)-to-debt in the high-teen to 20% area; and Our expectation that debt-financed acquisitions or share repurchases will result in leverage around 3x longer term, as per the company's stated financial policy. Our stable outlook on Cable One Inc. reflects our belief that while leverage is currently strong for the rating in the low-2x
