S&P gives Charter notes BB

S&P said it assigned its BB issue-level rating to CCO Holdings LLC's and CCO Holdings Capital Corp.'s proposed $1.5 billion unsecured notes, which will be split between new notes due 2023 and an add-on to the existing 5% notes due 2028.

The 5 recovery rating reflects an expectation for modest (10%-30%; rounded estimate: 25%) recovery in a default scenario.

The agency said the company intends to use proceeds for general corporate purposes, which could include share repurchases.

The BB+ corporate credit rating on Charter Communications Inc. is unchanged, as S&P said it continues to expect leverage to remain between 4.0x and 4.5x for the foreseeable future.

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