Credit metrics for U.S.-based diversified media and cable company Cox Enterprises Inc. have improved since its 2015 acquisition of Dealertrack. We also believe that further debt-financed acquisitions that would lead to deterioration in credit metrics are unlikely. We are affirming our 'BBB' long-term corporate credit rating and 'A-2' short-term commercial paper rating on CEI, and revising the outlook to stable from negative. The stable outlook reflects the good revenue visibility from CEI's key cable unit, coupled with our expectation that the company will maintain a financial policy consistent with keeping adjusted debt to EBITDA in the mid-2x area over the next couple of years. On May 3, 2017, S&P Global Ratings affirmed all of its ratings, including the 'BBB' corporate
