The ratings on Cox Enterprises Inc. (CEI) and its subsidiaries are supported by the company's well-diversified portfolio of media businesses, which includes attractive positions in cable TV, radio and TV broadcasting, newspaper publishing, and automobile auctions. These units have good operating margins, solid positions in their respective industries, and significant asset value. The cable TV and auto auction businesses balance the reliance on the advertising-dependent newspaper and broadcasting operations, which have experienced weakness in the advertising downturn. These positive attributes are mitigated by high debt balances for the consolidated group; heavy capital spending levels at the cable unit, Cox Communications Inc. (CCI); and an aggressive acquisition and growth orientation. Standard & Poor's continues to view the credit profile of Atlanta,
