S&P rates CSC Holdings loan BB

Standard & Poor's said it assigned its BB rating to CSC Holdings Inc.'s proposed $3.5 billion secured term loan B with a recovery rating of 2.

At the same time, the agency said it affirmed its other ratings on Cablevision, including the BB corporate credit rating and the BB rating with a recovery rating of 2 of CSC Holdings' $2.4 billion of other secured bank loan facilities.

The outlook is stable.

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

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

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