S&P rates Cox notes BBB-

Standard & Poor's said it assigned a BBB- rating to Cox Communications Inc. expected unsecured notes of total at least $500 million, to be sold under Rule 144A.

The BBB- corporate credit rating was affirmed.

The outlook is stable.

While total debt will remain essentially unchanged, pro forma for the new notes, interest expense will rise somewhat since the coupon on the new notes will be significantly higher than that of the revolver, the agency noted.

"However, we view issuance of these notes as a prudent move, especially given current capital market conditions, which will better position the company to meet heavy debt maturities through 2010," S&P analyst Richard Siderman said in a statement.

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