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Cablevision Systems Corporation -- Moody's assigns Ba2 to Cablevision's new $1.5 billion senior unsecured guaranteed notes; downgrades unsecured notes to B3 following refinancing

Moody's Investors Service ("Moody's") has assigned a Ba2 rating to Cablevision Systems Corporation's (Cablevision) new $1.5 billion senior unsecured guaranteed notes (due 2029) issued by CSC Holdings, LLC. Proceeds from the new notes will be used to fully repay the 8.625% unsecured notes due February 2019 and partially call the 10.125% unsecured notes due 2023, both 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 The ratings on the notes to be repaid, will be withdrawn upon close.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 unsecured Notes held at CSC Holdings, LLC to B3, from B2, with the recovery rate of these instruments expected to be lower.