Well-established business position as the second-largest pay-TV operator in the U.K. with strong content. Innovative, fast, and advanced broadband offering through an extensive and modern network. Steady growth in bundled products, including quadruple-play services. Intense competition from Internet, telephony, and TV providers in the U.K. Reliance on competitors for some key TV content. Aggressive financial policy inherited from parent Liberty Global, resulting in Virgin's 2013 Standard&Poor's-adjusted debt rising over 5x. Our expectation that ongoing sizable network investments and aggressive shareholder returns will limit the company's ability to reduce debt. Resilient free operating cash flow generation prospects despite continued high capital expenditure requirements. No large debt amortization until 2018, reflecting proactive liquidity management. The stable outlook on U.K. cable
