S&P rates Cablevision notes B+

Standard & Poor's said it assigned a B+ rating to Cablevision Systems Corp.'s $500 million senior notes due 2022.

The recovery rating is 6, indicating 0% to 10% expected recovery in a default.

Other ratings on Cablevision and its subsidiaries, including the BB corporate credit rating, are not affected by the debt issuance.

The outlook remains stable.

The proceeds will be used to repurchase up to $400 million of two senior note issues of subsidiary CSC Holdings LLC with the balance to repay a portion of secured bank debt.

The ratings reflect the company's strong business risk profile, S&P said, and the financial risk profile of this family-controlled company is considered aggressive.

Debt leverage is in the 5x range with limited potential for improving that metric over the next year given accelerated capital spending and recent restraint on rate increases, the agency added.

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