S&P rates CCO Holdings notes CCC-

Standard & Poor's said it assigned its CCC- rating to the proposed $500 million senior floating-rate notes of CCO Holdings LLC and CCO Holdings Capital Corp., both indirect subsidiaries of Charter Communications Inc.

Proceeds will be used to repay the outstanding balance on the revolving credit facility of Charter Communications Operating LLC.

All existing ratings on Charter and subsidiaries, including the CCC+ corporate credit rating, were affirmed. The outlook is negative.

S&P affirmed Charter Communications Inc.'s, Charter Communications Holdings LLC's, CCH II LLC's and CCO Holdings LLC's senior unsecured debt ratings at CCC-, Charter Communications Operating LLC's senior secured credit facility at B and second-lien notes at B-, CCV Holdings LLC's senior unsecured debt at CCC- and Renaissance Media Capital Corp.'s senior unsecured debt at CCC+.

S&P said the ratings on Charter reflect high financial risk from elevated leverage, intense competitive pressure from satellite TV providers and the uncertainty of discretionary cash flow generation ability sufficient to meet maturities in the 2006 and 2007 time frame.

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