The ratings on U.K. cable operator Virgin Media Inc (VMI) are constrained by Standard&Poor's Ratings Services' view of the U.K.'s fierce competitive landscape, which weighs on VMI's prospects for revenue growth. The ratings also reflect VMI's aggressive debt leverage and the group's reliance on a competitor for some key TV content. The ratings benefit, however, from VMI's well-established business position as the second-largest pay-TV operator in the U.K. and a leading provider of "quadruple-play" services (TV, broadband Internet, fixed-line telephony, and mobile telephony). The group's cable network passes through approximately one-half of all U.K. homes, and its strong network capabilities and scalable infrastructure enable it to provide fast, innovative offerings and advanced broadband Internet and content. Despite persistently
