Charter Communications Inc. is facing intensifying competition from fixed wireless access (FWA) and fiber to the home (FTTH) in a mature broadband market. We have tightened our debt-to-EBITDA downgrade thresholds for the rating by 0.5x to 4.5x as the competitive backdrop is more intense than we previously envisioned. We expect Charter will maintain a financial policy consistent with keeping leverage appropriate for the rating. We affirmed all ratings, including the 'BB+' issuer credit rating. The stable outlook reflects our belief that Charter's business fundamentals remain solid long term, bolstered in part by its scale and wireless service offering, such that we are unlikely to tighten thresholds further over the next year. For a more detailed analysis, please see "U.S. Cable
