Moody’s Lowers Charter Credit Rating
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Moody’s Investors Service cut Charter Communications Inc.’s credit ratings, affecting about $22 billion of debt, on concern over the cable TV operator’s weakened operating performance.
Moody’s cut its senior unsecured debt rating for Charter Communications Holdings, controlled by billionaire Paul Allen, one notch to B3, its sixth-highest “junk” grade. It cut the parent’s convertible senior debt two notches to Caa2 and downgraded Charter bank debt.
Charter shares fell 7 cents to $1.18 on Nasdaq.
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