The ratings on Belgian cable operator Telenet Group Holding N.V. reflect Standard&Poor's Ratings Services' assessment of the group's business risk profile as "satisfactory" and financial risk profile as "highly leveraged." The "satisfactory" business risk profile is underpinned by what we see as the company's strong market positions as the leading provider of broadband Internet and cable TV services in its geographic footprint, strong network capabilities and scalable infrastructure, and our projections of good revenue and EBITDA growth potential through increasing penetration of bundled services--cable television, broadband Internet, and fixed-line and mobile telephony--in the next three years. However, we believe that ongoing competition for broadband Internet and telephony services from fixed-line and mobile network telecom operators, and the successful
