Moody's rates Cablevision notes B1

Moody's Investors Service said it assigned a B1 rating to Cablevision Systems Corp.'s proposed $500 million offering of senior unsecured notes due 2017.

Net proceeds from the issuance will be used to fund Cablevision's concurrent tender offer for subsidiary CSC Holdings Inc.'s senior unsecured notes due 2011 and 2012.

"The refinancing extends and modestly improves Cablevision's debt maturity profile, continuing a recent trend toward more prudent balance sheet management," noted Moody's senior vice president Russell Solomon in a news release.

The outlook is stable.

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