S&P: Charter unchanged

Standard & Poor's said its B- corporate credit rating and negative outlook on Charter Communications Inc. (B-/negative) are not affected by a recent private debt exchange offer.

Charter Communications announced that $338 million aggregate principal amount of 10.25% senior notes due 2010 issued by its subsidiaries CCH II LLC and CCH II Capital Corp. had been tendered in exchange for additional CCH II 10.25% senior notes due 2013, the agency said.

S&P added that the effect of this private exchange is not material given the size of the exchange relative to the company's debt profile.

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