Moody’s gives Charter notes Ba1

Moody’s Investors Service said it gave a Ba1 rating to Charter Communications, Inc.’s senior secured notes, maturing in 2041 and 2052, issued at Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. In conjunction with the transaction, Charter will offer an add-on to its senior secured notes due 2061.

Charter’s Ba2 corporate family rating, Ba2-PD probability of default rating, all instrument ratings and the stable outlook are unaffected by the proposed transaction.

Charter intends to use the proceeds for general corporate purposes, including to fund potential buybacks of class A common stock of Charter or common units of Charter Communications Holdings, LLC, to repay certain indebtedness and to pay related fees and expenses.

“We believe any incremental leverage (net of repayment) will not materially change the credit profile or the proportional mix of secured and unsecured debt, or the resultant creditor claim priorities in the capital structure,” Moody’s said in a press release.

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