Fitch upgrades Cox

Fitch Ratings said it upgraded the issuer default rating for Cox Enterprises, Inc. and its wholly owned subsidiary Cox Communications, Inc. to BBB+ from BBB.

Also upgraded includes Cox Enterprises' senior unsecured rating to BBB+ from BBB and Cox Communications' senior unsecured debt to BBB+ from BBB.

The agency also affirmed Cox Enterprises' short-term issuer default rating at F2 and commercial-paper rating at F2, along with Cox Communications' short-term issuer default rating at F2 and commercial-paper rating at F2.

The outlook is stable.

The upgrade reflects the improvement in credit protection metrics as a result of the company's active debt reduction in recent years, further bolstered by EBITDA growth, Fitch said.

The ratings also consider the expectation that it will maintain its 2.5x maximum leverage threshold, the agency said.

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