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S&P gives BBB to Cox notes
S&P said it assigned its BBB issue-level rating to Cox Communications Inc.'s planned unsecured notes due 2053.
“The rating is in line with our BBB issuer credit rating on the company's parent, Cox Enterprises Inc., because the debt ranks equally with Cox Communications' other debt and is guaranteed by the parent Our existing BBB issue-level rating on the company's 5.45% unsecured notes due 2028 and 5.7% unsecured notes due 2033 are unaffected by the transaction,” S&P said in a statement.
Cox Communications will use the proceeds for general corporate purposes, which may include repaying its $539 million of 3.15% notes due in August.
The outlook is stable.
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