Fitch assigns CSC Holdings notes BB

Fitch Ratings said it assigned a BB rating to CSC Holdings LLC's $750 million issuance of 5¼% senior unsecured notes due 2024.

The agency expects proceeds to be used to repay a portion of the company's existing credit facility.

Outside of an extension of CSC Holdings' maturity profile, the company's credit profile has not substantially changed. CSC Holdings is a wholly owned subsidiary of Cablevision System Corp. and each have an issuer default rating of BB-.

Cablevision had about $9.8 billion of consolidated debt outstanding as of March 31.

Fitch said Cablevision's credit and operating profile weakly positions the company within the current rating category; the negative outlook reflects a likely delay in expected improvement in Cablevision's credit profile; and Fitch's expectation for near-term debt reduction supports the current ratings.

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