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Cablevision Systems Corporation -- Moody's Downgrades Cablevision's Secured Bank Credit Facilities and Guaranteed Notes to Ba3; Assigns Ba3 to New $1 billion Term Loan Facility; Outlook is Stable

Moody's Investors Service ("Moody's") has assigned a Ba3 rating to Cablevision Systems Corporation's (Cablevision) new $1 billion senior secured term loan (due 2027) issued by CSC Holdings, LLC. Proceeds from the new term loan will be used to fully repay the remaining portion of the 10.125% unsecured notes due held at CSC Holdings, LLC. The ratings on the notes to be repaid, will be withdrawn upon close. As a result of this shift in the capital structure to more senior priority debt, Moody's has downgraded the existing bank credit facilities and guaranteed notes held at CSC Holdings, LLC and Neptune Finco Corp. to Ba3, from Ba2.