S&P gives Cablevision notes B+, loan BB+

Standard & Poor's said it assigned its B+ rating to CSC Holdings Inc.'s proposed $1 billion senior notes due 2015 and a BB+ rating with a 1 recovery to CSC Holdings' proposed $4.5 billion in combined senior secured bank loan facilities.

The agency noted the new ratings are not on CreditWatch, although Cablevision's existing long term-ratings remain on CreditWatch, where they had been placed with negative implications on June 20, first for concern about the credit effects of a proposed leveraged buyout by senior management and subsequently because of unclear financing plans for $1.5 billion in debt maturing in June 2006.

S&P said the ratings reflect the solid investment-grade characteristics of Cablevision's cable TV business, composed of three million basic subscribers in the metropolitan New York/New Jersey area.

These favorable business characteristics are partially offset by the company's aggressive financial policy, the agency added.

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