S&P ups Cablevision units

Standard & Poor's said it affirmed its ratings on Cablevision Systems Corp. and holding company CSC Holdings Inc., including the BB corporate credit rating. The ratings were simultaneously removed from CreditWatch. The outlook is positive.

In addition, S&P raised its ratings on Cablevision's Rainbow Media Enterprises Inc. and Rainbow National Services LLC units to BB from B and removed them from CreditWatch.

S&P said the rating actions follow Cablevision's announcement that it has a definitive agreement to sell its Rainbow 1 satellite to EchoStar Communications Corp., along with ground facilities and related assets, for $200 million.

Ratings on Rainbow Media Enterprises and its subsidiary, Rainbow National Services were raised to reflect the consolidated rating of parent Cablevision, according to S&P.

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