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S&P downgrades Cox debt
S&P said it removed its senior unsecured issue-level ratings on Cox Enterprises Inc. from under criteria observation and lowered the issue rating on its $2.2 billion of senior unsecured debt to BBB- from BBB.
The agency said the actions stem solely from the application of its revised issue rating criteria and do not reflect any change in the assessment of the corporate credit ratings.
S&P said the action takes into consideration Cox Enterprises' capital structure, which mainly consists of $2.2 billion of unsecured debt issued by the company and $9.2 billion of unsecured debt issued by its operating subsidiary, Cox Communications Inc., and TCA Cable TV Inc. as of June 30.
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