Above industry average broadband penetration levels that provide good revenue visibility; Modest growth from broadband and commercial services offset declines in basic video customers; Upgraded cable plant enables company to meet higher data demand; Lower-margin video services under pressure due to technology shifts, changes in consumer preferences, and rising programming expense; and Good business diversity from media and auto-related segments, although these segments are more susceptible to macroeconomic pressures than the cable unit. Relatively conservative financial policy, including low, ongoing dividends to the Cox family; Leverage in the mid-to-high-2x area, which includes our captive finance adjustments, supports the financial risk assessment; Solid free operating cash flow (FOCF) generation of around 10% of total adjusted debt; Strong liquidity; and Manageable debt
