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Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Cablevision Systems Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
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 The ratings on the notes to be repaid, will be withdrawn upon close.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.
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 The ratings on the notes to be repaid, will be withdrawn upon close.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.
Moody's Investors Service, ("Moody's") has confirmed Cablevision Systems Corporation's (Cablevision) B1 Corporate Family Rating, from B1 under review and B1-PD Probability of Default Rating, from B1-PD under review. Moody's confirmed also the Company's 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 Corporation -- all of which were under review for upgrade.
Moody's Investors Service, ("Moody's") has placed the ratings for Cablevision Systems Corporation (Cablevision) under review for upgrade, including Cablevision's B1 corporate family rating (CFR), ...
Moody's Investors Service, ("Moody's") has placed the ratings for Cequel Communications Holdings I, LLC (Cequel) under review for upgrade, including Cequel's B2 corporate family rating (CFR), B2-PD probability of default rating, Ba3 senior secured bank credit facility (held at a subsidiary), and Caa1 senior unsecured notes.
A deal giving full ownership of Newsday to its majority owner is pulling the plug on Long Island cable subscribers' free access to the newspaper's website. Newsday reported Wednesday that television journalist and executive Patrick Dolan had reached an agreement to acquire the remaining stake from a cable company. Dolan has owned a 75 percent share of Newsday since July 2016.