Moody's rates Cablevision notes

Moody's Investors Service said it assigned a B3 rating to the proposed new senior unsecured notes and floating-rate notes of Cablevision Systems Corp. and assigned a B1 rating to the proposed new senior unsecured notes of CSC Holdings Inc., a wholly owned subsidiary of Cablevision Systems.

Specifically, Moody's assigned Cablevision Systems Corp.'s new $500 million floating-rate notes due 2009 at B3 rating and new $1 billion senior unsecured notes due 2012 at B3 rating; and assigned a Ba3 senior implied rating, a B3 issuer rating, and an SGL-2 liquidity rating.

Moody's assigned CSC Holdings Inc.'s new $500 million senior unsecured notes due 2012 a B1 rating and confirmed the company's $1 billion 7.625% senior unsecured notes due 2009, $300 million of 7.875% senior debentures due 2018, $500 million 7.25% senior unsecured notes due 2008, $400 million 8.125% senior debentures due 2009, $500 million 7.625% senior unsecured notes due 2018, $500 million 8.125% senior unsecured notes due 2009, and $500 million 7.875% senior unsecured notes due 2007, all at B1, and $250 million 10.5% senior subordinated debentures due 2019 at B2.

Moody's also confirmed Rainbow Media Holdings' $200 million senior secured revolver due 2008 at Ba2 and $624 million senior secured term loan C due 2009 at Ba2.

The outlook remains negative.

Beyond concerns about leverage, the ratings for Cablevision continue to reflect heightened competitive pressure from direct broadcast satellite providers and regional Bell operating companies. The ratings draw support, however, from Cablevision's large, well clustered, technologically upgraded subscriber base.

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