...NEW YORK (S&P Global Ratings) July 25, 2018--S&P Global Ratings said today that its ratings on Atlanta-based Cox Enterprises Inc. and wholly owned subsidiary Cox Communications Inc., including the '###' corporate credit rating, are not immediately affected by the company's announcement that it is exploring strategic options for its ownership in 14 television broadcast stations. The company could partner or merge the stations into a larger company. While the ultimate outcome of any proposed transaction is uncertain, we believe that Cox will structure any deal such that adjusted debt to EBITDA remains in the 2x to 3x area, which supports the '###' rating and stable outlook. Furthermore, we would view any proposed sale favorably from a business risk perspective given the company's lacks of scale in the television broadcasting business and its desire to focus on growth segments, including the cable and auto units. This report does not constitute a rating action....
