Fitch keeps CSC Holdings on negative watch

Fitch Ratings said its ratings for CSC Holdings, Inc. remain on Rating Watch negative. Ratings on watch include a BB- issuer default rating, BB- senior unsecured debt rating, B+ senior subordinated debt rating and the BB rating on the $2.4 billion guaranteed senior unsecured credit facility.

The placement followed the announcement by controlling Cablevision Systems Corp. shareholders to withdraw their June 19 proposal to take CSC Holding's cable and Lightpath businesses private while distributing Cablevision's equity interest in its subsidiary, Rainbow Media Holdings LLC, to Cablevision shareholders.

In addition to withdrawing the proposal, the controlling shareholders recommended to Cablevision's board of directors that the company declare a $3 billion special cash dividend, the agency said.

Fitch said its current ratings for CSC Holding's reflect the operating advantages derived from the company's technologically upgraded network and its tightly clustered subscriber base.

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