...July 1, 2019 NEW YORK (S&P Global Ratings) July 1, 2019--S&P Global Ratings today assigned its 'B' issue-level rating and '6' recovery rating to Long Island City-based cable provider CSC Holdings LLC's proposed $750 million unsecured notes due 2030. The '6' recovery indicates our expectation of negligible recovery (0%-10%; rounded estimate: 0%) to lenders in the event of a payment default. The company will use proceeds to existing repay revolver borrowings of about $625 million. The '##-' issuer credit rating on parent Altice USA Inc. is unchanged as this is a leverage-neutral transaction that will moderately improve the company's liquidity position. Our stable outlook continues to incorporate an expectation for deleveraging in the coming months, such that S&P Global Ratings'-adjusted leverage approaches 5.0x by the end of 2019 from about 5.5x for the last-12-months ended March 31, 2019. We expect improvement to come from continued EBITDA growth stemming from rising high-margin broadband...
