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Cablecom Holdings AG Mar 07
Standard & Poors, March 2007
Abstract
Attractive service area characterized by high GDP per capita and high cable penetration Strong position in the analog cable TV market, which has some utility-like characteristics Rapidly growing broadband Internet and telephony services businesses, although these areas are risky and competitive Ownership of one of two networks covering the majority of Switzerland, and of extensive local-loop infrastructure High fully adjusted leverage of about 7.9x at Sept. 30, 2006 (including payment-in-kind notes) Substantial investment in broadband Internet and telephony, which is depressing free cash flows Strong price regulation in analog cable TV, despite Cablecom's authorized price increase in early 2006 Bold competitive response in triple play from competitor Swisscom, which launched TV over digital subscriber line services at the end of...
Companies mentioned in this report are: Cablecom Holdings AG,UnitedGlobalCom Inc.,Liberty Global Europe Inc.,UPC Broadband Holding B.V.,Cablecom Luxembourg SCA,UPC Holding B.V.,Liberty Global Inc.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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