S&P gives CCO Holdings notes BB

S&P said it gave its BB issue-level rating and 5 recovery rating to CCO Holdings LLC and CCO Holdings Capital Corp.'s planned unsecured notes. The 5 recovery rating indicates an expectation for modest (5% to 25%; rounded estimate: 15%) recovery for noteholders in default.

Parent company Charter Communications Inc. plans to use the proceeds for general corporate purposes, which may include share buybacks and debt repayment.

“Our BB+ issuer credit rating on Charter is unchanged because we expect it to maintain debt to EBITDA at the higher end of its 4x-4.5x target range. We believe the company generates sufficient earnings and free operating cash flow to carefully this ratio, adjusting its level of share repurchases accordingly,” the agency said in a press release.

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