Slightly more than one-half of all U.K. homes are passed and marketable by the Virgin cable network; that is, 12.6 million marketable homes Capability to offer quadruple-play services (fixed and mobile telephony, TV, and broadband Internet) Following an amendment to VMI's credit facilities, significant debt amortizations come due only in 2012 Intense competition from Internet, telephony, and TV providers and deteriorating economic outlook in the U.K. High gross debt, with total adjusted debt to EBITDA of about 4.7x on March 31, 2009 Limited top-line growth and modest discretionary cash flow generation, which reduce deleveraging prospects Reliance on a competitor for some key TV content, although the group operates its own content division The ratings on Virgin Media Inc. (VMI) are
