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Fitch rates CCO Holdings notes BB+
Fitch Ratings said it assigned a BB+ rating with recovery rating of RR4 to CCO Holdings, LLC's issuance of $1 billion of senior unsecured notes due 2029.
CCO Holdings, an indirect wholly owned subsidiary of Charter Communications, Inc., has a long-term issuer default rating of BB+ with a stable outlook.
The company is expected to use net proceeds from the offering for general corporate purposes, including potential buybacks of class A common stock of Charter or common units of Charter Communications Holdings, LLC.
The company has a leading market position as the third largest multi-channel video programming distributor in the United States behind Comcast Corp. and AT&T, Fitch said.
The agency said it continues to view the transactions positively and believes they strengthen Charter's overall credit profile.
The company's operating strategies are positively affecting its operating profile, resulting in a strengthened competitive position, Fitch said.
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