Moody’s rates Cablevision notes Ba2, B2

Moody's Investors Service said it confirmed Cablevision Systems Corp.'s B1 corporate family rating, from B1 under review and B1-PD probability of default rating, from B1-PD under review.

The agency also confirmed the instrument ratings, including the Ba2 senior secured bank credit facility, Ba2 senior unsecured guaranteed notes and B2 senior unsecured notes held at CSC Holdings, LLC, and the B3 senior unsecured notes at Cablevision Systems Corp., all of which were under review for upgrade.

Moody's also assigned a Ba2 rating to the new senior unsecured guaranteed notes, including the $1.1 billion 5 3/8% notes due 2023 and $1.5 billion 5˝% notes due 2026, and a B2 to the new senior unsecured notes, including the $1.25 billion 5 1/8% notes due 2021, the $1.05 billion 7˝% notes due 2028, and the $620 million 7 ¾% notes due 2025, at CSC Holdings, LLC.

Moody's had previously assigned a Ba2 rating to the new senior secured credit facility at CSC Holdings.

The speculative grade liquidity was changed to SGL-1 from SGL-2.

The outlook is stable.

The action concludes the review for upgrade initiated on Oct. 2.

The agency said that all ratings at Cequel Communications Holdings I, LLC and Altice US Finance I Corp. will be withdrawn, including its B2 corporate family rating, B2-PD probability of default rating, Ba3 senior secured bank credit facility, Ba3 senior secured notes, Caa1 senior unsecured notes and the outlook, currently rating under review.

“The action follows Altice USA's merger of the Suddenlink (Cequel) business into Optimum (Cablevision), creating a single credit silo,” the agency said in a news release.

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