CSC Holdings LLC's Proposed Guaranteed Notes Rated 'BB'; Proposed Senior Unsecured Notes Rated 'B+'

NEW YORK (S&P Global Ratings) April 29, 2021--S&P Global Ratings today assigned its 'BB' issue-level rating and '3' recovery rating to Long Island City-based cable provider CSC Holdings LLC's proposed senior guaranteed notes due 2031. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery to lenders in the event of a payment default. At the same time, we assigned our 'B+' issue-level rating and '6' recovery rating to the company's proposed senior unsecured notes due 2031. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery to lenders in the event of a payment default. The company will use the proceeds from the two issuances to redeem its outstanding guaranteed 5.5%

...April 29, 2021 NEW YORK (S&P Global Ratings) April 29, 2021--S&P Global Ratings today assigned its '##' issue-level rating and '3' recovery rating to Long Island City-based cable provider CSC Holdings LLC's proposed senior guaranteed notes due 2031. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery to lenders in the event of a payment default. At the same time, we assigned our 'B+' issue-level rating and '6' recovery rating to the company's proposed senior unsecured notes due 2031. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery to lenders in the event of a payment default. The company will use the proceeds from the two issuances to redeem its outstanding guaranteed 5.5% notes due 2026 that are callable on May 15, 2021, and pay down outstanding revolver balances. Our issuer credit rating on CSC's parent Altice USA Inc. is unchanged because this is a leverage-neutral transaction....

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