...June 2, 2020 NEW YORK (S&P Global Ratings) June 2, 2020--S&P Global Ratings today assigned its '##' issue-level rating and '2' recovery rating to CSC Holdings LLC's proposed $1.1 billion guaranteed notes due 2030. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; rounded estimate: 70%) in a simulated default scenario. At the same time, we assigned our 'B' issue-level rating and '6' recovery rating to the company's $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. Our '##-' issuer credit rating on Altice USA Inc. is unaffected by this leverage-neutral transaction because it will use the proceeds to repay a similar amount of debt. While Altice USA could use its annual free operating cash flow (FOCF) generation of about $1.2 billion-$1.3 billion to deleverage, we expect the company to repurchase about $1 billion of stock in the last nine months...
