Fitch gives CCO Holding notes BB+/RR4

Fitch Ratings said it assigned a BB+/RR4 rating to CCO Holding, LLC's proposed issuance of senior unsecured notes due 2028.

CCO is an indirect, wholly owned subsidiary of Charter Communications, Inc. CCO's issuer default rating is currently BB+ with a stable outlook.

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

“Today's issuance is in line with Fitch's expectation that Charter will issue debt using additional debt capacity created primarily through EBITDA growth,” Fitch said in a news release.

“Proceeds from future prospective debt issuances issued under additional debt capacity created are expected to be used for investment in the business, accretive acquisitions and shareholder returns. Charter management has stated it plans to target the low end of its target leverage range of 4x to 4.5x.”

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