Sky Darkens For Charter Communications

Law360, New York (February 11, 2009, 12:00 AM EST) -- Rumors are swirling that Charter Communications Inc. is headed for bankruptcy, with Moody's Investors Service slashing its rating for the cable operator as it struggles with a fast-approaching deadline to make an estimated $74 million in interest payments.

On Wednesday, Moody's downgraded Charter's corporate family rating from a “Caa1” level to a “Caa3” in anticipation of the company not being able to make two of its subsidiaries' interest payments prior to the Feb. 15 expiration of the grace period.

With the two-level drop, Charter now rates...
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