S&P Global Ratings recently completed a ranking exercise of the major North American media, telecommunications, and cable companies it rates. We have a more favorable view of Cox Enterprises Inc. following the divestiture of its media business, resulting in the loosening of our upgrade and downgrade leverage thresholds by 0.25x (to below 2.25x and above 3.25x, respectively). We are affirming all ratings, including the 'BBB' issuer credit rating. The stable rating outlook incorporates predictable earnings growth in the cable business, which accounts for the majority of revenue, but also factors in the potential for shareholder returns or mergers and acquisitions (M&A) that limit the likelihood of sustained long-term deleveraging, in our view. The stable outlook reflects good revenue visibility from
