On Dec 9, 2008, Standard&Poor's Rating Services assigned its `BBB-' rating to the $600 million notes due 2019 to be issued by Cox Communications Inc. The debt will be sold under Rule 144A and will not have registration rights. Cox Communications is a wholly owned subsidiary of, and rated on a consolidated basis with, privately held Atlanta-based Cox Enterprises Inc. (CEI). CEI also owns a wholesale automobile auction business as well as various media properties. Proceeds from the new notes will be used to reduce borrowings under the Cox Communications revolver and to pay a portion of a $400 million dividend from Cox Communications to CEI. At the same time, we affirmed the ratings on CEI and its
