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S&P rates Charter secured notes BBB-
S&P said it assigned its BBB- issue-level rating and 1 recovery rating to the proposed senior secured notes due in 2050 issued by Charter Communications Inc. subsidiaries Charter Communications Operating LLC and Charter Communications Operating Capital Corp. as well as the amended and restated credit facility issued by Charter Communications Inc. subsidiary Charter Communications Operating LLC.
The 1 recovery rating indicates an expectation for very high (90%-100%; rounded estimate: 95%) recovery in a simulated default.
The company also plans to issue an add-on to existing 4¾% unsecured notes due 2030, and S&P’s BB issue-level rating and 5 recovery rating on the unsecured notes are unchanged.
“Our BB+ issuer credit rating is unaffected because our base-case forecast assumed this amount of incremental debt in 2019 to fund share repurchases and anticipates Charter will maintain debt to EBITDA at the high end of its 4x-4.5x target range,” S&P said in a news release.
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