Standard&Poor's Ratings Services views U.K. cable operator Virgin Media Inc.'s (VMI) business risk profile as "satisfactory" and its financial risk profile as "aggressive." The ratings on VMI are constrained by our view of the U.K.'s fiercely competitive landscape, which weighs on VMI's prospects for revenue growth. The ratings also reflect VMI's aggressive, though gradually declining, debt leverage and the group's reliance on a competitor for some key TV content. However, the ratings benefit 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
