Good revenue visibility from largely subscription-based business model of cable unit; Upgraded cable plant enables company to meet higher data demand; Mature cable systems with secular pressure on video services; Growth from cable's high-speed data product and commercial services offset declines in basic video customers; and Business diversity from media and auto-related segments although these segments are susceptible to macroeconomic pressures. Relatively conservative financial policy, including low ongoing dividends to the Cox family; Leverage of around 3x, which includes our captive finance adjustments, that is somewhat high for the financial risk assessment although the company has good prospects to reduce leverage over the next couple of years from free operating cash flow (FOCF); Strong liquidity; and Manageable debt maturities. We
