S&P rates CSC notes BB

Standard & Poor's said it assigned a BB rating on CSC Holdings Inc.'s proposed $500 million senior unsecured notes.

CSC Holdings is a subsidiary of Cablevision Systems Corp., which has a BB corporate credit rating.

The outlook is negative.

Proceeds will be used to refinance CSC Holdings notes that mature this July.

Ratings on Cablevision reflect expectation that the company will continue to pursue an aggressive financial policy, a factor that overshadows the company's investment-grade business risk profile, according to the agency.

Despite looming competitive threats, S&P said it believes that the issuer can trim its adjusted debt-to- EBITDA ratio to 5 times by the end of 2009 from 5.3 times now.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.