U.S.-based cable operator Charter Communications Inc. announced it will acquire Cox Communications Inc. (CCI) for an enterprise value of $34.5 billion, which will cause its pro forma S&P-adjusted debt to EBITDA to remain about 4x. Management has announced it intends to operate with leverage in the middle of the 3.5x-4.0x range within 2-3 years following the merger (expected to close in 2026), which is down from its current target in the middle of the 4.0x-4.5x range. S&P Global Ratings affirmed its 'BB+' issuer credit rating (ICR) on Charter, because we expect its S&P Global Ratings-adjusted debt to EBITDA will remain at, or slightly above, our 4x upgrade trigger for at least the next two years. The stable outlook reflects the
