Ability to offer innovative, fast, and advanced broadband and content offerings based on a strong network, which passes more than one-half of all U.K. homes. Steady growth in bundled products, with capability to offer quadruple-play services (fixed and mobile telephony, TV, and broadband Internet). Good free cash flow generation capacity. A medium- to long-term capital structure with no large debt amortization until 2015. Intense competition from Internet, telephony, and TV providers in the U.K. Relatively high debt leverage. Ongoing sizable network investments and aggressive shareholder returns, which constrain deleveraging prospects. Reliance on a competitor for some key TV content. The ratings on U.K. cable operator Virgin Media Inc (VMI) are constrained by Standard&Poor's Ratings Services' view of the
