Solid market position as the incumbent provider of subscription-based cable services in several suburban markets in Ontario and Quebec Above-average EBITDA margins Increasing competition from overlap with telephone company Internet protocol television (IPTV) and fiber-based broadband offerings Market maturity, threat of substitution, and rising competitive intensity in Canada 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 The stable outlook reflects S&P Global Ratings' expectation that Cogeco Communications Inc. will focus primarily on growth from existing operations and improving its balance sheet over the next year or two. Absent debt-funded acquisitions, we expect that modest earnings growth and solid
