...August 3, 2020 NEW YORK (S&P Global Ratings) Aug. 3, 2020--S&P Global Ratings today assigned its '##' issue-level rating and '2' recovery rating to CSC Holdings LLC's proposed $1 billion guaranteed notes due 2031. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 70%) in a simulated default scenario. At the same time, our 'B' issue-level rating and '6' recovery rating on unsecured debt remains unchanged following the company's $1.7 billion add-on to existing $625 million unsecured notes due 2030. The '6' recovery rating indicates our expectation for negligible recovery (0%-10%; rounded estimate: 0%) in a default scenario. CSC is a subsidiary of Altice USA Inc., which recently announced that it reached an agreement to sell 49.9% of its Lightpath subsidiary to Morgan Stanley Infrastructure Partners and will retain a 50.1% stake in the joint venture (JV). In connection with the Lightpath JV transaction, Lightpath and its subsidiaries will...
