On Dec. 9, 2004, Standard&Poor's Ratings Services lowered its corporate credit rating on diversified media company Cox Enterprises Inc. (CEI) and subsidiaries to 'BBB-' from 'BBB'. The senior unsecured debt rating on CEI was lowered to 'BB+' from 'BBB'. The senior unsecured debt rating on the company's cable TV system unit, Cox Communications Inc. (CCI), was lowered to 'BBB-' from 'BBB'. The senior unsecured debt rating on Cox Radio Inc. was lowered to 'BBB-' from 'BBB'. The commercial paper ratings on CEI and CCI were lowered to 'A-3' from 'A-2'. All ratings were removed from CreditWatch, where they were placed with negative implications on Aug. 2, 2004, because of the substantial increase in financial risk expected from CEI's
