S&P rates CCO notes BB

S&P said it assigned its BB issue-level and 5 recovery ratings to CCO Holdings LLC's planned unsecured notes due 2034. The 5 recovery rating indicates an expectation of modest (10%-30%; rounded estimate: 15%) recovery in default.

“Our issuer credit rating on the company's parent, Charter Communications Inc., remains BB+ because we expect the company to continue to maintain a debt-to-EBITDA ratio at the higher end of its 4x-4.5x target range, comfortably below our 5x downgrade threshold,” the agency said in a press release.

CCO sold $750 million of notes in May. Those notes are also rated BB.

The company plans to use the proceeds for general corporate purposes, including repaying debt and funding share buybacks.

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