Strong, well-run core cable TV properties; Solid free cash flow generation; Some business diversity; and Tempered financial policy. Cable TV business is mature and facing increasing competition; and Media properties affected by secular advertising and weak dynamics. Ratings on privately held Cox Enterprises Inc. (Cox) and its subsidiaries reflect the solid aggregate cash flow generated by its diversified portfolio of cable TV systems, auto auction and advertising businesses, and media properties. The strength of Cox's mature—but still strong—core cable operations, moderate leverage, and our expectation that the company will continue to pursue a tempered financial policy, support the rating. Reported debt was about $12 billion at Dec. 31, 2009. Overall operating results at Cox's well-run cable operations have been good
