Fitch rates CCO Holdings notes BB+

Fitch Ratings said it assigned BB+/RR4 ratings to CCO Holdings, LLC's benchmark offering of senior unsecured notes due 2030. CCO is an indirect, wholly owned subsidiary of Charter Communications, Inc. CCO's long-term issuer default rating is BB+. The outlook is stable.

The company is expected to use the proceeds for general corporate purposes, including the repayment of certain debt, potential buy backs of class A common stock of Charter or common units of Charter Communications Holdings, LLC, a subsidiary of Charter and to pay related fees and expenses.

As of Dec. 31, Charter's stock buyback program had authority to purchase an added 1.4 billion of its class A common stock and/or CCH common units. Charter had about $74.9 billion of debt outstanding as of Dec. 31, including $52.8 billion of senior secured debt, pro forma for expected debt repayment using net proceeds from debt issuance in the fourth quarter of 2019.

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