On June 30, 2006, Standard&Poor's Ratings Services assigned a 'BBB-' rating and '1' recovery rating to Rainbow National Services LLC's (RNS) proposed $800 million of secured bank facilities. These ratings denote high expectation of full recovery of principal in the event of a default. Proceeds from the new bank facility will be used to refinance existing indebtedness, including borrowings under the company's current $950 million in secured bank facilities, as well as fund permitted investments, acquisitions and distributions, and for working capital and general corporate purposes. Standard&Poor's also affirmed its 'BB' bank loan rating and '2' recovery rating on CSC Holdings Inc.'s $5.5 billion of secured bank facilities. These ratings denote prospects for substantial (80%-100%) recovery
