Moody’s rates Cox Communications notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Cox Communications, Inc.'s proposed $2.8 senior unsecured notes.

The new notes will be pari passu with the company's existing senior unsecured debt.

Proceeds will be used to redeem, in whole or partially, the company's existing $1.5 billion of notes maturing in 2018 and 2019, as well as to opportunistically redeem longer-dated existing notes.

Overall, the agency expects the transaction to be leverage neutral at Cox Communications.

The outlook is stable.

Moody’s said the Baa2 senior unsecured rating reflects Cox’s scale, strong cash flows and historically conservative financial policy.

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