Charter Communications Inc. New Senior Secured Notes And Add-On To Existing Notes Rated 'BBB-' (Recovery Rating: 1)

NEW YORK (S&P Global Ratings) Sept. 11, 2017--S&P Global Ratings today assigned its 'BBB-' issue-level rating and '1' recovery rating to Stamford, Conn.-based cable operator Charter Communications Operating LLC's and Charter Communications Operating Capital Corp.'s proposed secured notes, which will be split between new secured notes due 2028 and an add-on to the existing 5.375% secured notes due 2047. The '1 recovery rating reflects our expectation for very high (90%-100%; rounded estimate: 95%) recovery in a simulated default scenario. At the same time, we lowered our issue-level rating on the company's existing unsecured debt issued as CCO Holdings LLC to 'BB' from 'BB+' and revised the recovery rating to '5' from '4'. The '5' recovery rating reflects our expectation for

...NEW YORK (S&P Global Ratings) Sept. 11, 2017--S&P Global Ratings today assigned its '###-' issue-level rating and '1' recovery rating to Stamford, Conn.-based cable operator Charter Communications Operating LLC's and Charter Communications Operating Capital Corp.'s proposed secured notes, which will be split between new secured notes due 2028 and an add-on to the existing 5.375% secured notes due 2047. The '1 recovery rating reflects our expectation for very high (90%-100%; rounded estimate: 95%) recovery in a simulated default scenario. At the same time, we lowered our issue-level rating on the company's existing unsecured debt issued as CCO Holdings LLC to '##' from '##+' and revised the recovery rating to '5' from '4'. The '5' recovery rating reflects our expectation for modest recovery (10-30%; rounded estimate: 25%) in a simulated default scenario. This is because there is less excess value flowing to unsecured creditors as secured claims have increased. The company intends to use...

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