Ratings on privately held Cox Enterprises Inc. (Cox) and its subsidiaries reflect the solid aggregate cash flow generated by its diversified portfolio of cable TV systems, auto auctions, and media businesses. The strength of Cox's mature—but still strong—core cable operations, moderate leverage, and our expectation that the company will continue to pursue a tempered financial policy, support the rating. Reported debt was over $12 billion at June 30, 2009. Operating results at Cox's well-run cable operations have been solid during the current recession and have, to date, been able to offset the pronounced weakness at the advertiser-dependent Cox Media Group. Cash flow from the cable operations and from Cox's Manheim auto auction business enabled modest debt pay-down. Debt/EBITDA, adjusted for
