Diversified portfolio of media businesses with subscription-based cable revenues that mitigate revenue variability of media business and auto auction segments; Third-largest cable TV system operator with strong revenue and EBITDA growth; it leads the industry in bundling video with high speed data and cable telephony; Healthy EBITDA margins and discretionary cash flow from all businesses following completion of cable rebuilding projects; and Strong asset values. Aggressive acquisition orientation and meaningful debt usage; and Capital expenditure requirements in the cable business. The ratings on Atlanta, Ga.-based Cox Enterprises (CEI) and its subsidiaries reflect the company's well-diversified portfolio of cable TV systems, broadcasting, and newspaper publishing businesses, and auto auctions, which have good operating margins, solid positions in their respective industries, good
