Strong, well-run core cable TV properties; Solid free cash flow generation; A measure of business diversity; and Prudent financial policy. Cable TV business is mature, so growth is likely to come from relatively riskier lines of business; and Manheim auto auction unit affected by recent secular conditions. The ratings on family-controlled Cox Enterprises Inc. reflect an overall satisfactory overall business position primarily derived from its well-positioned nearly 5 million basic cable subscribers, a measure of business diversity provided by its media properties and its automotive-related segments, solid cash flow generation, and prudent financial policy. While we view Cox's cable segment business risk profile as strong, given the significantly higher risk associated with its non-cable units, we view its overall business
