Moody’s assigns Baa2 to Cox notes

Moody’s Investors Service said it rated Cox Communications Inc.’s planned senior unsecured notes Baa2.

CCI is expected to sell three tranches, a new 30-year tranche and add-ons to the 2028 and 2033 notes issued in June. The issuer is a wholly-owned subsidiary of Cox Enterprises, Inc., also rated Baa2.

The proceeds will be used for general corporate purposes, which may include the redemption, repayment or repurchase of other indebtedness. “Moody's anticipates that the issuance will be credit neutral, resulting in only a nominal increase in debt leverage (Moody's adjusted),” the agency said in a press release.

The outlook is stable.

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