Fitch Affirms Cox with Negative Outlook4/20/2001 9:40 AM Eastern
Fitch Inc. affirmed Cox Communications Inc.'s triple-B-plus senior unsecured
debt rating and triple-B subordinated debt rating Friday, but it placed the
MSO's ratings on 'rating outlook negative.'
It said the No. 5 domestic MSO's debt-to-cash-flow ratio has not improved as
fast as expected after several acquisitions in 2000.
Fitch said cash flow has performed as expected, but the MSO's debt is higher
than was forecasted. That's partly due to increased capital spending, which will
remain relatively high at $2 billion this year.
A Cox plan to sell Sprint PCS shares on the open market hasn't gone as well
as expected due to stock-market softness.