Well-diversified portfolio of media businesses; Growing subscription-based cable TV revenue mitigates variability of media and auto auction revenues; Fourth-largest cable TV system operator in the U.S. with strong revenue and EBITDA growth. Cox Enterprises leads the industry in bundling video with high-speed data and cable telephony; Respectable EBITDA margins and discretionary cash flow from all businesses following completion of cable rebuilding projects; and Strong asset values. Elevated leverage; Weaker industry trends in advertising-dependent businesses, particularly newspapers; Capital expenditure requirements in the cable business; and Longer-term competitive threats from local phone companies in the cable segment. The ratings on Atlanta, Ga.-based Cox Enterprises (CEI) and its subsidiaries reflect the company's diversified portfolio of cable TV systems, auto auctions, and media businesses,
