Fitch affirms Cox

Fitch Ratings said it affirmed the BBB issuer default rating for Cox Enterprises, Inc. and its wholly owned subsidiary Cox Communications, Inc. Fitch also affirmed the companies' senior debt at BBB, short-term issuer default ratings at F2 and commercial paper ratings at F2.

Fitch revised the outlook to positive from stable.

The ratings recognize the company's sound financial flexibility, as well as the solid operating profile and competitive position of the cable business, the agency said. The ratings are also supported by the company's conservative financial policies and commitment to investment grade ratings.

The ratings recognize the diversification and market leading positions of Cox's businesses, while acknowledging that some of these businesses remain exposed to moderate cyclical and secular pressures, the agency added.

The positive outlook reflects the improvement in credit protection metrics as a result of Cox's active debt reduction in recent years, the agency noted.

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