NY -- Standard & Poor's CreditWire 4/3/97 -- Standard & Poor's today has raised its rating on NewCity Communications Inc.'s $75 million 11.375% senior subordinated notes due 2003 to triple-`B'-plus from single-`B'-minus. The upgrade reflects the purchase of NewCity by Cox Radio Inc., a subsidiary of single-`A'-minus rated Cox Enterprises Inc. The corporate credit rating of NewCity is also raised to single-`A'-minus from single-`B'-plus. The ratings are removed from CreditWatch where they were placed May 14, 1996. While the combination of NewCity and Cox stations will result in one of the largest U.S. radio operators, the upgrade largely reflects the financial strength of the parent company, Cox Enterprises. Standard & Poor's imputes significant financial and strategic support from Cox Enterprises
