On Sept. 15, 2003, Standard&Poor's Ratings Services assigned its 'BBB' rating to Cox Communications Inc.'s (CCI) shelf drawdown of $250 million senior notes due 2008 and $500 million senior notes due 2015. Proceeds will be used to finance Cox's cash tender offer for all of its $1.8 billion in principal amount of discount debentures due 2020. All existing ratings on CCI and its 63.4% owner, Cox Enterprises Inc. (CEI), as well as the ratings on Cox Radio Inc. (CXR), were affirmed. The corporate credit rating on CEI and CCI is BBB/Stable/A-2. Refinancing the discount debentures eliminates the $959 million put obligation on these securities in April 2005, but does not affect the consolidated financial profile of CEI. The
