New York, January 10, 2014 -- Moody's said that Cox Enterprises, Inc.'s ("CEI") purchase of Providence Equity Partners' 25% equity interest in AutoTrader Group ("AutoTrader"; Ba3 Corporate Family rating, stable outlook) will not impact CEI's Baa2 long term and Prime-2 short term debt ratings or stable outlook. Following the acquisition, CEI now owns 98% of AutoTrader, with the remainder being held by current and former employees. While the company's plans for AutoTrader's debt and any impact on CEI's long term capital structure is still uncertain, Moody's anticipates that over the near term the company will refinance AutoTrader's debt obligations within the CEI restricted group in order to take advantage of lower interest costs at CEI which is an investment grade borrower as compared to AutoTrader, which is a high yield issuer on a non-recourse basis. At that point, we will withdraw ratings on AutoTrader's existing debt obligations and consolidate, for the purpose of our analysis, AutoTrader's operations in CEI's restricted group, which services the company's debt on a first priority basis. CEI's subordinated priority business, includes its separately rated cable systems subsidiary, 100% owned Cox Communications, Inc. ("CCI" - Baa2 senior unsecured, Prime-2 commercial paper-stable outlook).

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