Recovery Report: Charter Communications Inc.'s Recovery Rating Profile May 11
- ID: 1770930
- May 2011
- Standard & Poors
Standard & Poor's Ratings Services is assigning its issue-level and recovery ratings to co-issuers CCO Holdings LLC's and CCO Holdings Capital Corp.'s (together "CCOH" or "co-issuers") proposed $1.5 billion issuance of senior unsecured notes. The co-issuers are subsidiaries of Charter Communications Inc. (Charter), which guarantees the notes. The company will use net proceeds to repay a portion of CCO's outstanding first-lien credit facilities. In addition, as a result of the expected permanent reduction in secured bank debt, we have raised our issue-level and recovery ratings on approximately $4.35 billion of existing Charter unsecured debt. Our simulated default scenario contemplates lower revenue generation due to continued pricing pressure and competition from major telecommunications companies and direct-to-home companies in the major markets...
Companies mentioned in this report are:
- Charter Communications Holdings LLC
- Charter Communications Operating LLC
- Charter Communications Inc.
- CCO Holdings LLC
- CCO Holdings Capital Corp.
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Research Type: Full Analysis