Fitch puts Charter on rating watch over debt woes
Associated Press, 12.18.08, 03:07 PM EST
Fitch Ratings said Thursday it has placed Charter Communications Inc.'s "CCC" issuer default rating on negative rating watch, after the cable operator said it will begin discussions with its bondholders about financial options to improve its balance sheet.
Fitch said the rating watch reflects its concern that the start of those discussions increases the likelihood that the company will engage in a broad-based distressed debt exchange or file for bankruptcy.
About $21.1 billion of the company's outstanding debt as of Sept. 30 is affected.
A "CCC" rating is non-investment grade, also known as "junk."
Charter, a St. Louis-based cable TV operator controlled by Microsoft Corp.
Charter's shares were trading at 13 cents apiece Thursday afternoon.
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