S&P affirms Cablevision, Rainbow

Standard & Poor's said it affirmed the BB corporate credit rating on Cablevision Systems Corp. and its subsidiaries as well as the BBB- rating on Rainbow National Services LLC's $580 million senior secured revolving credit facility.

The outlook is negative.

The affirmation follows the $280 million upsizing of the company's revolver.

Ratings reflect S&P's expectation that the company will continue to pursue an aggressive financial policy, a factor that overshadows the company's investment-grade business risk profile, the agency said.

Cablevision's satisfactory business position stems from the attractive demographics of its well-clustered metro New York cable television customers, bolstered by the business diversity provided by its programming arm, S&P noted.

By the end of 2009, the agency said it expects Cablevision to trim its adjusted debt-to-EBITDA ratio to 5 times from 5.3 times.

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