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S&P: Cox Communications, parent unaffected
Standard & Poor's said Cox Communications Inc.'s (BBB-/Stable/A-3) announcement that it is exploring a sale of four cable operations serving about 900,000 subscribers has no impact on the ratings or outlook on the company or its parent, Cox Enterprises Inc. (BBB-/stable/A-3), with which it is rated on a consolidated basis.
The company indicated that it would use proceeds from potential transactions to reduce debt. However, S&P said the ratings and outlook already incorporate expectations that Cox Enterprises will trim consolidated debt to EBITDA to the low 4x area by the end of 2006 from the mid 5x area as of Sept. 30.
The targeted systems are in smaller markets, including western Texas and North Carolina, which S&P said have lower growth potential than the company's larger, more clustered markets.
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