Moody's confirms Cablevision, Rainbow National

Moody's Investors Service said it confirmed Cablevision Systems Corp.'s B1 corporate family and probability-of-default ratings, SGL-2 speculative grade liquidity rating and B3 (LGD6, 93%) senior unsecured bond rating; CSC Holdings, Inc.'s Ba2 (LGD2, 21%) senior secured bank credit facility and B2 (LGD5, 73%) senior unsecured bond rating; and Rainbow National Services LLC's B1 corporate family and probability-of-default ratings, SGL-2 speculative grade liquidity rating, Ba1 (LGD2, 19%) senior secured bank credit facility, B3 (LGD5, 86%) senior subordinated regular bond rating and B2 (LGD4, 59%) senior unsecured bond rating.

This concludes the review for possible downgrade, and the outlook is stable.

The affirmation follows the rejection by the Cablevision board of director's special transaction committee of the Dolan Family Group's proposal to acquire Cablevision.

The agency said Cablevision's B1 corporate family rating continues to incorporate the company's aggressive management and high financial risk offset by its impressive operating results and strong enterprise value. The ratings also reflect heightened competitive pressure from Verizon balanced by the prospect of cash flow growth from increased penetration of advanced services.

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