S&P: Charter on watch

Standard & Poor's said it placed its CCC+ corporate credit rating on Charter Communications Holdings LLC on CreditWatch with negative implications.

The CreditWatch listing follows Charter's announcement of an exchange offer for about $8.4 billion of various notes issued by Charter Holdings due between 2009 and 2012 for about $6.9 billion in accreted value of various new notes due in 2014 and 2015, the agency said. The CCC- ratings on these issues also were placed on CreditWatch with negative implications.

The exchange transactions will reduce onerous maturity pressure on

Charter, S&P said, though the agency added it will view completion of any of the exchanges as tantamount to a default on the original debt issue terms because of the discount to par and the maturity extensions.

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