S&P gives Cox notes BBB

S&P said it assigned a BBB issue rating to Cox Communications Inc.’s proposed unsecured notes due 2030 and 2050, in line with the issuer credit rating on parent Cox Enterprises Inc. because this debt ranks equally with other debt.

The company will use proceeds for general corporate purposes, which the agency said it expects will repaying debt.

“Our BBB issuer credit rating on Cox Enterprises is unaffected by this leverage-neutral transaction. We have updated our forecast to reflect improving automotive market conditions, such that we now expect at least $500 million in EBITDA to be generated by this segment in 2020 compared with our June 2020 forecast of $0 (2019 EBITDA was around $1.2 billion),” S&P said in a press release.

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