S&P cuts Newsday loan

Standard & Poor's said it lowered its issue-level rating on Cablevision Systems Corp. (BB/negative) subsidiary Newsday LLC's $650 million senior secured credit facility due 2013, which consists of a $525 million fixed-rate term loan and a $125 million floating-rate term loan.

The agency said it is lowering the issue-level rating on the loan to BB from BB+ and removed it from Creditwatch, where it was placed with negative implications on Feb. 9.

S&P said it also revised the recovery rating on the loan to 3 from 2.

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