S&P affirms Cablevision

Standard & Poor's said it affirmed its BB corporate credit rating on Cablevision Corp. and removed the ratings from CreditWatch where they were placed on May 2, 2007 with negative implications.

The outlook is negative.

At the same time, S&P said it affirmed its B+ senior unsecured debt rating for Cablevision, intermediate holding company CSC Holdings Inc. and subsidiary Rainbow National Services LLC and also affirmed its B+ subordinated debt rating and BBB-, its senior secured rating and its 1 recovery rating on Rainbow National Services.

In addition, the rating on CSC's $5.5 billion of secured bank facilities was raised to BB+ from BB and while the agency said it affirmed the 2 recovery rating.

The upgrade reflects S&P's revised bank loan methodology, adopted in June 2007, which was not applied to CSC Holding's bank loan because it was on CreditWatch at that time.

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