S&P: Cablevision unaffected

Standard & Poor's said Cablevision Systems Corp.'s (BB/negative) bid to buy the Sundance Channel does not affect its corporate credit rating or outlook.

The Sundance Channel acquisition bolsters Rainbow Media's portfolio of cable networks, the agency said.

Ratings recognize above-average operating metrics generated by the company's three million well-clustered, metropolitan New York cable subscribers, S&P noted.

Cablevision's willingness to undertake major shareholder-friendly actions is a significant rating constraint and the negative outlook recognizes that the company has little capacity for special dividends or stock repurchases at the current rating level, the agency said.

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