CSC Holdings LLC's Proposed Guaranteed Notes Due 2029 Rated 'BB-' (Recovery: '2'); Secured Debt Rating Lowered To 'BB-'

NEW YORK (S&P Global Ratings) Jan. 24, 2019--S&P Global Ratings today assigned its 'BB-' issue-level rating and '2' recovery rating to Long Island City-based cable provider CSC Holdings LLC's proposed guaranteed notes due 2029. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 80%) to lenders in the event of a payment default. The company will use the proceeds from the notes to repay its existing unsecured debt, including about $526 million coming due in 2019, and will apply the remainder to partially repay its callable 10.25% notes due 2023. At the same time, we lowered our issue-level ratings on CSC's existing secured and guaranteed debt to 'BB-' from 'BB' and revised the recovery ratings to

...NEW YORK (S&P Global Ratings) Jan. 24, 2019--S&P Global Ratings today assigned its '##-' issue-level rating and '2' recovery rating to Long Island City-based cable provider CSC Holdings LLC's proposed guaranteed notes due 2029. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 80%) to lenders in the event of a payment default. The company will use the proceeds from the notes to repay its existing unsecured debt, including about $526 million coming due in 2019, and will apply the remainder to partially repay its callable 10.25% notes due 2023. At the same time, we lowered our issue-level ratings on CSC's existing secured and guaranteed debt to '##-' from '##' and revised the recovery ratings to '2' from '1' to reflect the modest decline in their recovery prospects due to the shift to more guaranteed claims under roughly the same enterprise value. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded...

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