On Aug. 14, 2008, Standard&Poor's Rating Services revised its outlook on Atlanta-based diversified media company Cox Enterprises Inc. (CEI) and its subsidiaries to stable from positive. We also raised the issue rating on approximately $3.5 billion of unsecured debt at the CEI level to `BBB-' from `BB+'. We affirmed all other ratings on CEI and subsidiaries, including the 'BBB-' corporate credit rating. Total debt outstanding was approximately $13.5 billion as of March 31, 2008. The upgrade of the unsecured debt at the parent CEI level does not reflect an overall change in credit quality. Rather, the one-notch upgrade of those particular issues reflects our confidence that unsecured debtholders at CEI can reasonably expect recovery prospects comfortably in excess
