S&P: Cablevision Systems on watch

Standard & Poor's said it placed its ratings on Cablevision Systems Corp., including its BB corporate credit rating and B-1 short-term rating, on CreditWatch with negative implications.

The agency added that the ratings on related entities, CSC Holdings Inc., Rainbow National Services LLC and Rainbow Media Enterprises Inc., also were placed on CreditWatch with negative implications.

However, the 2 recovery rating for CSC Holdings and the 1 recovery ratings for Rainbow National Services are not on CreditWatch, S&P said.

The agency said that these actions follow Cablevision's announcement on Aug. 8 in its second-quarter earnings press release, that the company undertook a voluntary review of past practices in connection with grants of stock options and stock appreciation rights.

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