Fitch puts CSC Holdings on watch

Fitch Ratings said it placed the BB- senior unsecured debt rating and the B+ senior subordinated debt rating assigned to the restricted group of CSC Holdings Inc. on Rating Watch negative and placed the BB rating assigned to CSC's $2.4 billion guaranteed senior unsecured credit facility on Rating Watch negative.

CSC is a wholly owned subsidiary of Cablevision Systems Corp. (CVC).

Fitch's action follows a proposal made by controlling shareholders of CVC to take CVC private in a transaction valued at $33.50 per share.

In resolving the Rating Watch, Fitch said it will consider the final capital structure, credit profile, and recovery prospects of the entities created by the transactions, as well as the business and operational risks of the entities going forward. Due to the leveraging nature of the proposed transaction, Fitch said it expects a multi-notch downgrade of the ratings upon closing of the transaction.

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