Fitch: Cox unchanged

Fitch Ratings said it said that the dividend announcement by Cox Communications, Inc. is directly in line with Fitch's rating linkage methodology for the entities and has no implications on any of the company's BBB ratings and stable outlook.

The agency said that the company will make $1 billion in cumulative dividends to its parent Cox Enterprises, Inc. in second half-2008.

The dividend is expected to be used to reduce outstanding debt on Cox Enterprises' credit facility, Fitch noted, stating that the ratings of consolidated Cox continue to be supported by the company's business diversification, conservative fiscal policies, stability of operating businesses and growth prospects of its cable and Autotrader.com segments.

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