Ratings on family-controlled Cox Enterprises Inc. (Cox) reflect an overall "satisfactory" business position, primarily derived from its well-positioned core cable-TV operations (serving approximately 6 million residences and businesses--mostly residential video customers), a measure of business diversity provided by its media and its automotive-related segments, solid cash flow generation, and a prudent financial policy. Despite increasing competition, Standard&Poor's Ratings Services still views Cox's core cable unit's business risk profile as "strong," but given the higher risk of its non-cable units, overall business risk is satisfactory. We expect debt leverage to remain in the mid-2x area, with funds from operations (FFO) to debt somewhat over 30%, metrics commensurate with an "intermediate" financial risk profile. Proactive management of debt maturities, significant
