S&P assigns BBB- to Charter notes

S&P said it assigned its BBB- issue-level rating and 1 recovery rating to the proposed senior secured notes issued by Charter Communications Inc.'s subsidiaries Charter Communications Operating LLC and Charter Communications Operating Capital Corp.

The 1 recovery rating indicates an expectation for very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a payment default.

“All of our other ratings on Charter Communications Inc., including our BB+ corporate credit rating, remain unchanged because the proposed transaction will not affect the company's leverage. We continue to expect Charter to maintain S&P adjusted leverage of about 4.5x through 2019 as it offsets its increased debt to fund shareholder returns and/or merger and acquisition activity with earnings growth from strong demand for broadband,” S&P said in a news release.

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