CSC Holdings LLC's $3 Billion Term Loan B Assigned 'BB-' Issue Rating (Recovery Rating: 1)

NEW YORK (S&P Global Ratings) March 9, 2017--S&P Global Ratings today assigned its 'BB-' issue-level rating and '1' recovery rating to Bethpage, N.Y.-based CSC Holdings LLC's proposed $3 billion term loan B due in 2025. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a payment default. We expect proceeds from the term loan to refinance the remaining balance on the company's $2.5 billion term loan B and repay a portion of the $900 million unsecured notes due in 2017. Our 'B-' issue-level and '5' recovery ratings on the company's unsecured debt are unchanged. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 10%) recovery

...NEW YORK (S&P Global Ratings) March 9, 2017--S&P Global Ratings today assigned its '##-' issue-level rating and '1' recovery rating to Bethpage, N.Y.-based CSC Holdings LLC's proposed $3 billion term loan B due in 2025. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a payment default. We expect proceeds from the term loan to refinance the remaining balance on the company's $2.5 billion term loan B and repay a portion of the $900 million unsecured notes due in 2017. Our 'B-' issue-level and '5' recovery ratings on the company's unsecured debt are unchanged. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate: 10%) recovery in the event of a payment default. The 'B' corporate credit rating and stable outlook are unchanged because this is a leverage-neutral transaction. RECOVERY ANALYSIS Key analytical factors: + Our default scenario contemplates a default resulting from...

Ratings Action