S&P may still cut Cablevision

Standard & Poor's said the ratings on Cablevision Systems Corp. and related subsidiaries remain on CreditWatch with negative implications, including their BB corporate credit rating. This follows Cablevision's announcement today that it did not receive enough votes to approve the acquisition of the company by the Dolan Family Group.

Cablevision has a B+ senior unsecured local-currency rating. CSC Holdings Inc. has a senior secured local-currency rating of BB and senior unsecured and subordinated local-currency ratings of B+.

Rainbow National Services LLC has a senior secured local-currency rating of BBB- and senior unsecured and subordinated local-currency ratings of B+.

The ratings were placed on CreditWatch with negative implications on May 2 after the company's board approved the Dolan Family Group's $8 billion offer for public shares of the company.

S&P said the continuing watch reflects a lack of clarity on future financial policy, given the failure of this latest leveraged buyout after several attempts by the Dolan Family Group in recent years to take the company private or spin off various business lines.

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