On May 11, 2007, Standard&Poor's Ratings Services revised its outlook on Atlanta, Ga.-based diversified media company Cox Enterprises Inc. (CEI) and its subsidiaries to positive from stable and affirmed the 'BBB-' corporate credit and all other ratings, including the 'BB+' senior unsecured debt rating on CEI. Total debt outstanding was about $15.1 billion as of Dec. 31, 2006. The outlook revision reflects our expectations for improving credit measures following CEI's announcement that it is exchanging its 25% stake in the Discovery Channel for a new entity, which will include the Travel Channel, and $1.275 billion in cash. We expect the cash proceeds to be applied to debt reduction. As such, total debt to EBITDA on an operating lease-adjusted
