While the acquisition will increase debt-to-EBITDA leverage moderately, on a pro-forma basis, we believe that AutoTrader's leverage will be sustained at or below the 4.0x level consistent with our expectation for its Ba3 rating. We believe the acquisition is opportunistic for AutoTrader and is a strategic fit for the company. It complements AutoTrader's core businesses and allows for future growth opportunities in one of the fastest growing auto markets in the world.

For further information please see the issuer comment posted to www.moodys.com.

AutoTrader's ratings were assigned by evaluating factors we believe are relevant to the credit profile of the issuer, such as i) the business risk and competitive position of the company versus others within its industry, ii) the capital structure and financial risk of the company, iii) the projected performance of the company over the near to intermediate term, and iv) management's track record and tolerance for risk. These attributes were compared against other issuers both within and outside of AutoTrader 's core industry and AutoTrader 's ratings are believed to be comparable to those of other issuers of similar credit risk.

AutoTrader Group, Inc., with its headquarters in Atlanta, GA, is the Internet's leading automotive classifieds marketplace and consumer information website. AutoTrader is controlled by Cox Enterprises, Inc. (Baa2 senior unsecured).

Neil Begley Senior Vice President Corporate Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653John Diaz MD - Corporate Finance Corporate Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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