Fitch gives Charter notes BBB-

Fitch Ratings said it assigned a BBB-/RR1 rating to Charter Communications Operating, LLC's proposed benchmark-sized issuance of senior secured notes.

Charter Communications Operating is a wholly owned subsidiary of Charter Communications, Inc.

CCO Holdings, LLC, also an indirect wholly owned subsidiary of Charter, plans to issue additional notes under the indenture governing the 5.375% notes issued May 2019 simultaneous with Charter Communications Operating's issuance.

The company is expected to use net proceeds from the offering for the repurchase, redemption or repayment of some debt, which may include all or a portion of the outstanding $1.5 billion of Time Warner Cable, LLC's 5% notes due 2020, with any remaining proceeds used for general corporate purposes, including potential buybacks of class A common stock of Charter or common units of Charter Communications Holdings, LLC.

Fitch said it views Charter Communications’ transactions positively and believes they strengthen its overall credit profile.

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