S&P rates Cablevision's notes B+

Standard & Poor's said it assigned its B+ issue-level and 6 recovery ratings to Cablevision Systems Corp.'s proposed $500 million senior notes due 2017.

All, or most, proceeds from the proposed notes will be downstreamed to subsidiary CSC Holdings Inc., which will repay or repurchase some of its notes maturing in 2011 and 2012.

The BB+ rating on $650 million of secured bank debt at majority-owned Newsday LLC remains on CreditWatch with negative implications, reflecting the agency's concerns regarding recovery prospects for this issue given the secular decline of the newspaper industry.

S&P said it affirmed all other ratings on Cablevision and related entities, including the BB corporate credit rating. The outlook is negative.

"The ratings on Cablevision reflect our expectation that the company may well choose to pursue its historic, aggressive financial policy," said S&P credit analyst Richard Siderman in a news release.

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