The ratings on Cogeco Cable Inc. reflect the company's aggressive, but improving financial risk profile, given the company's somewhat high debt leverage, and its satisfactory business position as Canada's fourth-largest cable company. Cogeco Cable's controlling parent, Cogeco Inc. (Cogeco), has no material effect on the ratings. The ratings also factor in the recently announced rollout of telephony services using voice over Internet protocol (VOIP) technology. Standard&Poor's Ratings Services expects Cogeco Cable to maintain a stable financial profile in the near term, supported by expectations for modest EBITDA and cash flow growth, and possibly further marginal reductions in debt. Credit measures, which are currently in-line with the ratings category, will likely continue to improve at a modest pace. Lease-adjusted
