S&P upgrades Charter

Standard & Poor's said it raised its corporate credit rating on Charter Communications Inc. and its subsidiaries to CC from D and the issue-level ratings on some debt of Charter subsidiaries to C from D.

The outlook is negative.

The ratings had been lowered on Jan. 15 when Charter announced it would not make $74 million of interest due on some notes of subsidiaries CCH Holdings LLC and Charter Communications Holdings LLC.

The upgrade follows Thursday's announcement by Charter that it will make those missed interest payments within the allowed 30-day grace period. Charter also announced that it reached an agreement in principle with an ad hoc committees of debtholders on terms of a financial restructuring, the implementation of which will lead to a Chapter 11 filing on or before April 1.

The agency said it will lower the ratings back to D upon the bankruptcy filing.

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