Moody's assigns Charter notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to senior secured notes maturing 2061 issued at Charter Communications Operating, LLC and Charter Communications Operating Capital Corp.

In conjunction with the offering, these borrowers will also be selling an add-on to the 3.9% senior secured notes due 2052, rated Ba1. CCO Holdings, LLC and CCO Holdings Capital Corp. will issue an add-on to the 4˝% senior unsecured notes due 2033, rated B1.

Charter's Ba2 corporate family rating, Ba2-PD probability of default rating, all instrument ratings and stable outlook are unaffected by the offerings, Moody’s said.

Charter intends to use the proceeds for general corporate purposes, share repurchases, to repay certain indebtedness and to pay related fees and expenses.

“We believe any incremental leverage (net of repayment) will not materially change the credit profile or the proportional mix of secured and unsecured debt, or the resultant creditor claim priorities in the capital structure,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.