Strong cable and overall TV market position in the attractive Dutch market. Demand shift to triple-play bundled offerings, which provide growth prospects. Very high, industry-leading margins. Eroding technological edge given increasing competition from KPN's fiber infrastructures. Continuously heavy investment requirements. Our assessment of financial policy as aggressive. Strong free cash flow generation. Adequate liquidity with no maturity before 2017. The stable outlook on Dutch cable operator Ziggo Bond Co. B.V.reflects Standard&Poor's Ratings Services' view that the company will maintain its solid market positions, consistently generate robust free cash flows, and not deviate from its stated financial policy. While competition from Dutch telecommunications incumbent company Koninklijke KPN N.V. (KPN) is materially increasing, we think Ziggo will be able to
