Moody's ups Rainbow National

Moody's Investors Service said it upgraded the ratings of Rainbow National Services LLC, including the corporate family rating to B1 from B2, the $350 million senior secured revolving credit facility to Ba3 from B1, the $600 million senior secured term loan to Ba3 from B1, the $300 million senior unsecured notes to B2 from B3 and the $500 million senior subordinated notes to B3 from Caa1.

Moody's also affirmed the speculative grade liquidity rating at SGL-2.

The outlook was revised to stable from under review.

Moody's said the rating upgrade is based on Moody's expectations for lower distributions to support developing ventures of parent Rainbow Media Enterprises and a moderation of business risk following settlement of litigation with Time Warner Cable and renegotiation of various affiliate contracts.

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