Cox Enterprises Inc. has experienced solid cash flow generation from its key cable TV business. Resultant financial metrics have improved, with adjusted debt leverage falling below 3x. These trends have prompted us to raise the ratings on Cox and its related entities (excluding 68% owned AutoTrader.com), including the long- and short-term corporate credit ratings, which we are raising to 'BBB' from 'BBB-' and to 'A-2' from 'A-3', respectively. The stable outlook recognizes that further upgrade potential will be limited by the maturity of Cox's core cable TV business and our expectation of a financial policy that will limit the ultimate magnitude of debt reduction. On Aug. 4, 2011, Standard&Poor's Ratings Services raised all its ratings on Atlanta-based Cox
