Moody's: Cablevision bond B1

Moody's Investors Service said it assigned a B1 rating to the proposed $500 million bond issuance of Cablevision Systems Corp.

Moody's also affirmed the Ba2 corporate family and probability of default ratings. The outlook is stable.

The agency said it expects the transaction to provide cost effective capital to address upcoming debt maturities, improving the liquidity profile.

Depending on timing of debt repayment with proceeds from the issuance, gross debt may rise temporarily, but Moody's said it expects the bulk of the proceeds to eventually reduce debt.

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