...Overall, Fitch's ratings of Cox Communications, Inc. (Cox) reflect the company's strong competitive position as the third-largest cable multiple system operator (MSO) in the U.S., formidable subscriber clustering profile in the company's 19 primary markets, and growing revenue diversity due to the ongoing success of Cox's Triple Play service offering and strengthening commercial business. Fitch believes that within the context of escalating competitive pressures and weak economic environment, the company is well positioned to generate solid operating results and sustainable EBITDA, and free cash flow growth over the ratings horizon. Key to Cox's competitive position is the company's scale and strong cable system clustering. From Fitch's perspective, Cox's scale and system clustering provides the company with competitive advantages in terms of driving higher operating efficiencies through its cable plant; taking cost out of customer premises equipment; slowing the growth of programming costs;...
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