Expansion risk; Intense competition from larger players, including incumbents and facility-based providers; Strong demand for bandwidth, especially for wireless backhaul; and Recurring revenue business model with multiple-year contracts and sizable contractual revenue backlog. Highly leveraged capital structure; Aggressive acquisition and capital investment strategy; Significant free operating cash flow (FOCF) generation; and Adequate liquidity. The stable outlook reflects the company's good growth prospects balanced by what we consider to be a highly leveraged financial risk profile and very aggressive expansion policies. We believe leverage will remain elevated for the foreseeable future, with EBITDA growth potentially offset by additional debt-financed acquisitions or capital investments. We could lower the rating if the company made a poor debt-funded acquisition that resulted in a material
