Fitch lowers Charter to D

Fitch Ratings said it downgraded the issuer default ratings of Charter Communications, Inc. and its wholly owned subsidiaries to D from C following the company's announcement that it has filed for Chapter 11 bankruptcy protection and affirmed the senior notes of Charter, Charter Communications Holdings, LLC, CCH I Holdings, LLC, CCH I, LLC, CCH II, LLC and CCO Holdings, LLC at C/RR4.

CCO Holdings, LLC's third-lien term loan as well as Charter Communications Operating, LLC's senior secured credit facility and senior secured second-lien notes were upgraded to B-/RR1 from CCC/RR1 in accordance with the revisions to some Fitch ratings definitions unrelated to the bankruptcy filing.

In accordance with the terms of various restructuring agreements entered into with bondholders, Charter had expected to voluntarily file for Chapter 11 bankruptcy by April 1. Fitch said that if the plan is successful, it expects Charter will emerge from bankruptcy with total leverage ranging between 5.5 times and 6 times based on 2008 EBITDA of $2.32 billion.

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