NY -- Standard & Poor's CreditWire 5/14/96 -- Standard & Poor's today has placed its single-`B'-minus rating on NewCity Communications Inc.'s $75 million 11.375% senior subordinated notes due 2003 on CreditWatch with positive implications, following the announcement of the intended purchase of the company by Cox Radio, a subsidiary of single-`A'-minus-rated Cox Enterprises Inc. for $250 million. The corporate credit rating is single-`B'-plus and has also been placed on CreditWatch with positive implications. Upon completion of the purchase of NewCity, Cox Radio will own and operate 37 radio stations including 25 FM and 12 AM stations. There is considerable likelihood of an upgrade of any NewCity bonds that remain outstanding after the purchase by Cox Radio based upon the increased
