S&P cuts Cox, units, rates notes BBB-

Standard & Poor's said it lowered its corporate credit rating on diversified media company Cox Enterprises Inc. and subsidiaries to BBB- from BBB.

The senior unsecured debt rating on Cox Enterprises was lowered to BB+ from BBB. The senior unsecured debt rating on Cox Communications Inc. was lowered to BBB- from BBB. The senior unsecured debt rating on Cox Radio Inc. was lowered to BBB- from BBB. The commercial paper ratings on Cox Enterprises and Cox Communications were lowered to A-3 from A-2.

All ratings were removed from CreditWatch negative, where they were placed on Aug. 2. The outlook is stable.

At the same time, S&P assigned its BBB- rating to Cox Communications' proposed $3 billion multiple-tranche senior notes offering.

S&P said the ratings on Cox Enterprises and its subsidiaries reflect the company's well-diversified portfolio of cable TV systems, auto auction, broadcasting and newspaper publishing businesses.

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