S&P affirms Cablevision

In a corrected rating, Standard & Poor's said it affirmed its BB corporate credit rating on Cablevision Corp., upgraded intermediate holding company CSC Holdings Inc.'s bank loan rating to BBB- from BB and removed the ratings from CreditWatch where they were placed on May 2, 2007 with negative implications.

The outlook is negative.

At the same time, S&P said it affirmed its B+ senior unsecured debt rating for Cablevision, intermediate holding company CSC Holdings Inc. and subsidiary Rainbow National Services LLC and also affirmed

its B+ subordinated debt rating and BBB-, its senior secured rating and its 1 recovery rating on Rainbow National Services.

The upgrade reflects S&P's revised bank loan methodology, adopted in June 2007, which was not applied to CSC Holding's bank loan because it was on CreditWatch at that time. firmation is based on the expectation that Regency will reduce its financial leverage over the near term, in line with Regency's intention to maintain credit-supportive financial policies.

The negative outlook reflects a degree of execution risk in order for Regency to successfully reduce leverage to a range more consistent with a Ba3 CFR, as well as integrate and realize expected earnings from its acquisitions, namely CDM, the agency noted.

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