S&P rates Cox Communications notes BBB

S&P said it assigned its BBB issue-level rating to Cox Communications Inc.'s proposed senior notes due 2024, 2027 and 2047 (amounts to be determined).

S&P expects the company to use the proceeds from the sale of the notes, along with commercial paper borrowings, to tender for the company's 9.38% notes due 2019, the 6.25% notes due 2018 and the 6.85% notes due 2018. S&P also expects the company will tender for some of its longer-dated, higher coupon notes.

“As a result, we do not expect the transaction to materially affect key credit measures, including adjusted debt to EBITDA, which we expect will be in the mid- to high-2x area by year-end 2017,” S&P said in a news release.

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