Well-established business position as the second-largest pay-TV and third-largest broadband internet operator in the U.K. Fast and advanced broadband offering through an extensive and modern network. Steady growth supported by coverage expansion and bundled products, including quadruple-play services, and strong margins. 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 PLC, resulting in Virgin Media's S&P Global Ratings-adjusted leverage at close to 5x. Track record of solid free operating cash flow (FOCF) generation, but deleveraging prospects are minimal due to upstreaming to the parent and the ongoing new build capital expenditure (capex) program for Project Lightning. Apart from vendor financing, no large
