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The Belgian regulator plans to impose cable unbundling which would force the company to offer either TV (analog or digital) or a bundled digital TV plus broadband, on wholesale terms. While any regulatory imposition is likely to be inconvenient and could prove detrimental, the exact nature and impact of any wholesale regulation on Telenet is unclear at this stage Fitch does not anticipate any material impact on Telenet's credit profile in the near term.
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