On Jan. 9, 2009, Standard&Poor's Ratings Services affirmed its 'BB' rating on CSC Holdings Inc.'s $844 million 8 ½% senior notes due 2014, which were upsized from the initially rated $500 million issue. The '3' recovery rating on the notes remains unchanged and indicates the expectation for meaningful (50%-70%) recovery of principal in the event of payment default. At the same time, we affirmed all ratings on CSC Holdings' parent Cablevision Systems Corp. , including its `BB' corporate credit rating. Bethpage, N.Y.-based Cablevision is a major cable operator in the New York metropolitan area. The outlook is negative. The notes will be sold under Rule 144A and the company will be required to file a future exchange offer
