Fitch rates CSC Holdings loan BB+

Fitch Ratings said it assigned a BB+ with a recovery rating of RR1 to the new $1 billion CSC Holdings, Inc. incremental term loan B-4 due 2027.

Fitch also said it downgraded the rating on its senior unsecured notes one notch to B- with recovery rating of RR6 from B with recovery rating of RR5, reflective of the reduced recovery prospects given the increased amount of more senior debt in the capital structure.

Fitch also said it affirmed the long-term issuer default ratings of B+ on Cablevision Systems Corp. and its wholly-owned operating subsidiary CSC Holdings and other issue ratings.

The outlook is stable.

The agency said it views Cablevision's refinancing efforts positively as it improves near-term liquidity and extends the maturity profile, the agency said.

The issuance is leverage neutral and the company intends to use the proceeds to repay the remaining 10 1/8% senior unsecured notes due 2023.

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