CSC Holdings LLC's Senior Guaranteed Notes Are Rated 'BB-' (Recovery Rating: '1')

NEW YORK (S&P Global Ratings) Sept. 9, 2016--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 $1.9 billion senior guaranteed notes maturing in April 2027. The '1' recovery rating indicates our expectation for very high (90%-100%) recovery for noteholders in the event of a payment default. The notes are unsecured obligations, but are guaranteed by restricted subsidiaries of CSC Holdings and will rank ahead of existing senior unsecured notes at the issuer. We expect net proceeds from the note issuance to refinance the remaining balance on the company's $3.8 billion term loan B due in 2022, which the company will partially refinance with a new $1.9 billion term loan

...NEW YORK (S&P Global Ratings) Sept. 9, 2016--S&P Global Ratings today assigned its '##-' issue-level rating and '1' recovery rating to Bethpage, N.Y.-based CSC Holdings LLC's proposed $1.9 billion senior guaranteed notes maturing in April 2027. The '1' recovery rating indicates our expectation for very high (90%-100%) recovery for noteholders in the event of a payment default. The notes are unsecured obligations, but are guaranteed by restricted subsidiaries of CSC Holdings and will rank ahead of existing senior unsecured notes at the issuer. We expect net proceeds from the note issuance to refinance the remaining balance on the company's $3.8 billion term loan B due in 2022, which the company will partially refinance with a new $1.9 billion term loan B due in 2024. The '##-' issue-level rating and '1' recovery rating on the new $1.9 billion term loan B are in line with the existing senior secured credit facility. The 'B' corporate credit rating and stable outlook are unchanged. RECOVERY...

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