The ratings on Cox Enterprises Inc. (CEI) and its subsidiaries, Cox Communications Inc. (CCI; 67.5%-owned) and Cox Radio Inc. (CXR; 63.0%), are based on the consolidated company's credit profile because of the economic and strategic importance of the units to the parent. The ratings on CEI and its subsidiaries are supported by the company's well-diversified media portfolio, which includes attractive positions in newspaper publishing, radio, cable TV, TV broadcasting, and the auto auction business. These units have very good operating margins, relatively stable cash flows, and significant asset value. The cable TV and automobile auction businesses balance the reliance on the advertising-dependent newspaper, broadcasting, and radio operations, which have experienced weakness in 2001. These positive attributes are mitigated by high
