The ratings on Montreal-based cable TV services provider Cogeco Cable Inc. reflect what Standard&Poor's Ratings Services views as the consolidated risk profile of the company's 100%-owned Canadian and Portuguese cable subsidiaries. In Standard&Poor's opinion, the ratings underpin the satisfactory business risk profile of Cogeco's Canadian operations, which comprise more than 80% of total revenue, partially offset by what we view as the vulnerable business risk profile of the company's Portugal-based cable operator, Cabovisao-Televisao por Cabo S.A. The ratings are also supported by Cogeco Cable's relatively conservative adjusted debt to EBITDA and corresponding credit metrics. The ratings are tempered, in our view, by an aggressive financial policy, given management's desire to pursue additional debt-financed acquisitions in the
