Solid market position as the incumbent provider of subscription-based cable services in several suburban markets in Ontario and Quebec Growth from business telecom and data center operations Above-average EBITDA margins Increasing overlap with telephone company Internet protocol television (IPTV) and fiber-based broadband offerings Market maturity, threat of substitution, and rising competitive intensity in Canada are pressuring unit growth in cable Relatively small scale of revenue compared with that of peers Acquisitive growth strategy and high tolerance for debt The industry's high capital intensity History of deleveraging following debt financed acquisitions Adequate liquidity Standard&Poor's Ratings Services derives its 'BB+' long-term corporate credit rating on Cogeco Cable Inc. from the following factors: Our 'bbb-' anchor reflects our "satisfactory" business risk
