The ratings on Montreal-based cable service provider Cogeco Cable Inc. reflect the consolidated risk profile of the company's 100%-owned Canadian and Portuguese cable subsidiaries. In Standard&Poor's Ratings Services' opinion, the ratings underpin the satisfactory business risk profile of Cogeco's Canadian cable operations, which comprise about 85% 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 strong adjusted debt-to-EBITDA ratio and corresponding credit metrics. The ratings are somewhat tempered, in our view, by an aggressive financial policy, given management's stated desire to pursue additional debt-financed acquisitions in the future, potentially in new geographic markets,
