The ratings on Netherlands-based Ziggo Bond Co. B.V., the indirect full owner of the largest Dutch TV cable operator, reflect Standard&Poor's Ratings Services' view of the group's "satisfactory" business risk profile and "aggressive" financial risk profile, as our criteria define the terms. The ratings are constrained by Ziggo's aggressive financial risk profile, which reflects both the company's majority ownership by private equity sponsors and its stated financial policy. Conversely, we consider that the business risk profile is underpinned by Ziggo's strong cable and overall TV market position in an attractive market and its state-of-the-art network. These factors translate into very high margins and strong free cash flow generation, and should allow revenue growth through consumers' ongoing shift to
