Moody's: Cox unaffected

Moody's Investors Service said Cox Communications, Inc.'s Baa2 senior unsecured, prime-2 commercial paper rating and stable outlook are unaffected by its $500 million dividend payment in December to its parent company, Cox Enterprises, Inc.

The proceeds will be used to help reduce Cox Enterprises' leverage, which will put upward pressure on its credit rating as it benefits from the economic recovery and free cash flow conversion improves over the coming year, Moody's said.

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