Rumors of a Charter bankruptcy filing have been looming for months, and Moody's investment service has now downgraded Charter for the second time since December. Charter's rating was reduced to "Caa3," nine steps below investment grade, due to the increased likelihood of default -- since the grace period for Charter’s missed interest payments of $74 million expire Sunday. Even if the interest payments are made prior to expiration of the grace period, Moody's anticipates Charter will likely have to file a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code," Moody's said in a statement. Update: It looks like it finally arrived hours after we posted this. The company insists any restructuring will not impact operations.