On May 20, 2003, Standard&Poor's Ratings Services assigned its 'BBB' rating to Cox Communications Inc.'s (CCI) shelf drawdown of $600 million 4.625% senior notes due 2013. Proceeds will be used to finance the cash tender offer for the $1.55 billion face amount of CCI's PRIZES due 2029 and PHONES due 2030. These securities are exchangeable into shares of Sprint PCS Group common stock. All ratings on CCI, which is analyzed on a consolidated basis with its parent Cox Enterprises Inc. (CEI), are affirmed. The outlook is stable. Repurchasing the PRIZES and PHONES will modestly boost CEI's consolidated leverage. At the time of issuance, Standard&Poor's had given the securities substantial equity credit because of favorable tax attributes
