Re: Apples vs Oranges
"The company borrows money for capital projects that will be repaid over 10 or more years."
And do you think that isn't happening at BT?
There are a few considerations.
One is how much money can be borrowed at any one time? We'll come back to that.
The next is how fast can it be spent productively? Building infrastructure requires a skilled workforce. Training that workforce is an investment in itself. What's more, as more infrastructure is built some of that workforce has to be redirected into maintaining it. If you go for a very rapid roll-out you have to spend a lot of money training a large workforce, then pay them to do the job over a short period of time, then you have to retain a proportion of that workforce and pay off the rest as redundancies. It's not a very productive way to spend money. Who hasn't either told their management - or wanted to tell them - "good, cheap, quick, pick any two"?
The third is what return can be made? My observation is that some years after the local FTTC network has been rolled out users are still being connected. It's taking time to get to that return.
The value for money vs speed of roll out and the rate at which returns can be realised determine how much can be borrowed. Nobody is going to want to lend BT or a separate OR money if they're going to have difficulty in paying interest and repaying capital.
And while nobody could be less keen than I on having BT proposing that I want to pay to watch football, presumably they think that it's an offer that's going to improve ROI.