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Moody's drops Charter stock nine steps below investment grade

February 11th, 2009 12:00 am by Staff Report

Reuters is reporting that Moody's Investors Service has  cut its ratings on Charter Communications Inc to an even more speculative grade, citing an expectation that the company faces an imminent bankruptcy.

Moody's cut Charter's corporate family rating two notches to "Caa3," nine steps below investment grade.

The downgrade reflects the increased likelihood of default as the grace periods for missed interest payments totaling approximately $74 million on several of Charter's subsidiaries' debt are set to expire on February 15, 2009, Moody's said in a statement.

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