I need to change the way my labels are displayed in ArcMap using ArcPy. I want to replace underscores with spaces in label strings with using string.replace("_"," "). I have SHOWLABELS set to True, but I'm having trouble accessing the label values themselves in ArcPy. Looking in the LabelClass documentation, I can't find any method to print out or alter the label values.
city_layer = arcpy.mapping.ListLayers(mxd, "cities")
countries_layer = arcpy.mapping.ListLayers(mxd, "countries")
city_layer.showLabels = True
countries_layer.showLabels = True