The ratings on family-controlled Cox Enterprises Inc. reflect an overall satisfactory business position primarily derived from its well-positioned nearly 5 million basic cable subscribers, a measure of business diversity provided by its media properties and its automotive-related segments, solid cash flow generation, and prudent financial policy. While Standard&Poor's Ratings Services views Cox's cable segment business risk profile as "strong" (as defined in our criteria), given the significantly higher risk associated with its non-cable units, we view its overall business risk as satisfactory. Cox's cable operations have experienced basic video subscriber losses in recent years, an industrywide phenomenon. To date, the company has been able to more than offset basic erosion from ancillary and commercial services growth, and some
