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Moody's assigns Charter notes B1
Moody's Investors Service said it assigned a B1 rating to new senior unsecured notes to be issued at CCO Holdings, LLC and CCO Holdings Capital Corp., wholly owned entities of Charter Communications Operating, LLC.
Charter's Ba2 corporate family rating, Ba2-PD probability of default rating and all instrument ratings including the Ba1 senior secured first-lien credit facilities and senior secured first-lien notes at Charter Communications Operating, Time Warner Cable LLC, and Time Warner Cable Enterprises LLC are unaffected by the offering. The stable outlook and SGL-1 speculative grade liquidity are unchanged.
“Charter intends to use the net proceeds from the financing for general corporate purposes, to repay certain indebtedness, share repurchases, and to pay related fees and expenses,” the agency said in a press release.
Moody's said it considers the transaction credit neutral.
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