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Fitch ups CCO, Charter; cuts Time Warner
Fitch Ratings said it upgraded the issuer default ratings assigned to CCO Holdings, LLC and Charter Communications Operating, LLC to BB+ from BB-.
The agency also upgraded the specific issue ratings assigned to CCO Holdings and CCOH Safari, LLC to BB+ from BB- and Charter Communications to BBB- from BB+.
In addition, Fitch affirmed the specific issue ratings assigned to CCO Safari II, LLC and CCO Safari III, LLC.
The outlook is stable
Furthermore, Fitch downgraded the issuer default rating of Time Warner Cable, Inc. and Time Warner Cable Enterprises LLC to BB+ from BBB.
It also downgraded the specific issue ratings assigned to Time Warner and Time Warner Cable Enterprises to BBB- from BBB and withdrew the F2 short-term issuer default ratings and commercial paper ratings assigned to Time Warner as this facility is being closed.
The outlook is stable.
Fitch said the changes are driven by Charter Communications, Inc.'s receiving approval from the California Public Utilities Commission on May 12 to complete its previously announced merger with Time Warner and acquisition of Bright House Networks. As such, the transactions have received all required regulatory approvals and are now expected to close by mid-May 2016.
The agency said it views the transactions positively and believes they will strengthen Charter's overall credit profile.
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