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 auction and advertising businesses, and media properties. 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 about $12 billion at Dec. 31, 2009. Overall operating results at Cox's well-run cable operations have been good during the recession and been able to offset the pronounced weakness at the advertiser-dependent Cox Media Group. The company reduced consolidated debt by approximately $1.8 billion in 2009. This was accomplished using internally generated cash, along with
