NEW YORK (Standard&Poor's) May 29, 2008--Standard&Poor's Ratings Services today assigned its 'BBB-' senior unsecured debt rating to Atlanta-based cable operator Cox Communications Inc.'s (CCI) proposed $750 million of senior unsecured notes due 2018 and $250 million of senior unsecured notes due 2038 to be issued under rule 144A without registration rights. At the same time, we affirmed the 'BBB-' corporate credit rating and all other ratings on privately-held parent company Cox Enterprises Inc. (CEI). The outlook is positive. CCI will use the proceeds from these notes to repay outstanding amounts under its revolving credit facility. The rating affirmation reflects the fact that the transaction is leverage neutral. "The ratings on CEI and its subsidiaries reflect the
