NEW YORK (S&P Global Ratings) June 3, 2020--S&P Global Ratings today raised its issue-level rating on Cox Enterprises Inc.'s $175 million 7.375% senior unsecured notes due 2027 to 'BBB' from 'BBB-' following the implementation of upstream guaranties from wholly-owned subsidiary that contributes about 80% of run-rate EBITDA, Cox Communications Inc. We no longer view this tranche of debt as materially subordinated to the debt issued by the company's operating subsidiaries. Therefore, we now rate the debt at the same level as our issuer credit rating on the company and in line with its other debt. Our issuer credit rating is unaffected by this transaction because we already rate Cox Enterprises Inc. on a consolidated basis given our view that all
