Fitch assigns Charter notes BBB-/RR1

Fitch Ratings said it assigned a BBB-/RR1 rating to Charter Communications Operating, LLC's (CCO) proposed benchmark issuance of senior secured notes.

CCO is an indirect, wholly owned subsidiary of Charter Communications, Inc. (Charter).

CCO's long-term issuer default rating is currently BB+/stable.

The company is expected to use net proceeds to pay related fees and expenses and for general corporate purposes, including potential buybacks of class A common stock of Charter or common units of Charter Communications Holdings, LLC (CCH), a subsidiary of Charter, Fitch explained.

As of Sept. 8, Charter had $6.4 billion available under its class A common stock buyback program, an amount that excludes any potential buybacks of CCH common units.

Pro forma for the proposed issuance and additional notes issued since June 30, 2017, Charter had about $66.3 billion of debt outstanding as of June 30, including $48.9 billion of senior secured debt.

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