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S&P: Charter Communications on positive watch
Standard & Poor's said it placed its ratings on Charter Communications Inc. and its subsidiary Charter Communications Holdings LLC, including the CCC+ corporate credit ratings, on CreditWatch with positive implications.
This action reflects the improvement in liquidity that will result if the company consummates its recently announced intention to refinance its bank facilities, the agency said.
In particular, the new credit facilities would materially reduce otherwise problematic near-term debt maturities, S&P noted.
On Feb. 9, Charter disclosed its plans to refinance and expand the existing $6.85 billion senior secured credit facilities of its subsidiary, Charter Communications Operating LLC, the agency said, adding that the proposed aggregate $8.05 billion of new facilities will consist of $7.5 billion in first-lien facilities and a $550 million second-lien term loan.
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