Very high margins and strong free cash flow generation. Strong cable and overall TV market position in the attractive Dutch market. Demand shift to digital TV and bundles, which provide growth prospects. Majority control by private-equity sponsor and our related assessment of financial policy as aggressive. Head-to-head competition with large incumbent, KPN. Competitors' moves to improve their networks, which could narrow Ziggo's advantage over time. The ratings on The 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. The ratings are constrained by Ziggo's aggressive financial risk profile, which reflects both majority ownership by
