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Fitch: CCO Holdings notes BB-
Fitch Ratings said it assigned a BB- rating to CCO Holdings, LLC’s $1.5 billion issuance of senior unsecured notes due 2024.
The ratings also are on positive watch.
The proceeds will be used to repay revolver borrowings and possibly repurchase or redeem a portion of CCO Holdings’ outstanding $600 million 7% senior notes due 2019 and $750 million 7 3/8% senior notes due 2020.
In May 2015, Charter announced a merger with Time Warner Cable, Inc. for $203.28 per share, providing a total valuation of $80.1 billion.
Fitch also said it placed CCO Holdings and Charter Communications Operating, LLC’s BB- issuer default ratings on positive watch following the April 2015 announcement of the acquisition of Bright House Networks from Advance/Newhouse Partnership. The Bright House acquisition is valued at $11.1 billion.
The agency said it views both transactions positively and believes they will strengthen Charter’s overall credit profile.
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