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Rating Action:

Moody's Removes Cablevision and Rainbow From Review, Outlook Developing

30 Oct 2007
Moody's Removes Cablevision and Rainbow From Review, Outlook Developing

Approximately $12 billion in debt instruments affected.

New York, October 30, 2007 -- Moody's Investors Service confirmed the ratings of Cablevision Systems Corporation (Cablevision), CSC Holdings, Inc. (CSC) and Rainbow National Services LLC (Rainbow). However, given the uncertainty regarding the company's fiscal plan following the rejected offer to take the company private, Moody's assigned a developing outlook to Cablevision and Rainbow pending a more thorough understanding of its strategy going forward. Although Moody's believes that another very leveraging transaction over the near term is unlikely due to negative changes within the credit environment, the rating agency expects the company to evaluate a range of options including investing in business expansion, selling assets and future shareholder oriented rewards such as share repurchases or dividends. Greater clarity is anticipated by year end. Additionally, in Moody's view, Cablevision and Rainbow's existing capital structure is sufficient to meet the company's current liquidity needs.

Cablevision's B1 corporate family rating continues to incorporate the shareholder orientation of the controlling shareholder, the Dolan family, as well as the more event driven nature of the combined businesses, including investments in speculative ventures. In addition, the rating considers the increasingly competitive environment for incumbent cable operators and Cablevision, more specifically, given its exposure to Verizon and its investments in FiOS within Cablevision's footprint. Moreover, despite continued growth from the increased penetration of data and telephony, the products in these markets are beginning to mature (especially data) and the cable company's growth trajectory is expected to slow. Notwithstanding these challenges, Cablevision' cable Restricted Group continues to reflect strong operating performance and could be poised to de-lever absent other material strategic changes implemented by the Dolan family. Cablevisions's financial metrics reflect the characteristics of a strongly positioned B1 operator, however, a more positive outlook will hinge on whether the company intends to operate with its current capital structure (or something similar given the maturity schedule), acquire or otherwise re-lever. Notably, Cablevision's current rating incorporates a fair amount of debt capacity (about two turns debt/EBITDA) and a Ba3 rating would assume the company could commit to maintaining leverage below 6 times.

Rainbow's B1 corporate family rating also reflects the shareholder orientation and potential for speculative investments. Rainbow's cash generating ability has been a source of capital for the more speculative ventures of its parent company, Rainbow Media Enterprises. In addition, Rainbow lacks diversity both because its value is concentrated in one asset, AMC, and because of the concentration of its customers among a small number of MSOs. However, Rainbow's financial metrics are quite strong for its rating category and should some clarity be provided regarding the company's funding of speculative investments held at other entities, as well as other potential strategic alternatives, Rainbow's rating outlook could change to positive.

Moody's has taken the following ratings action:

Cablevision Systems Corporation

Corporate Family Rating -- Confirmed B1

Probability of Default Rating -- Confirmed B1

Senior Unsecured Regular Bond/Debenture -- Confirmed B3, LGD6 -- 93%

CSC Holdings, Inc.

Senior Secured Bank Credit Facility -- Confirmed Ba2, LGD2 -- 24%

Senior Unsecured Regular Bond/Debenture -- Confirmed B2, LGD5 -- 73%

Rainbow National Services LLC

Corporate Family Rating -- Confirmed B1

Probability of Default Rating -- Confirmed B1

Senior Secured Bank Credit Facility -- Downgraded to Ba2, LGD2 -- 24%, from Ba1, LGD2 -- 19%

Senior Unsecured Regular Bond/Debenture -- Confirmed B2, LGD4 -- 69%

Senior Subordinated Regular Bond/Debenture -- Confirmed B3, LGD5 -- 89%

Outlook Actions:

CSC Holdings, Inc.

Outlook, Changed To Developing from Rating Under Review

Cablevision Systems Corporation

Outlook, Changed To Developing from Rating Under Review

Rainbow National Services LLC

Outlook, Changed To Developing from Rating Under Review

Separately, Moody's downgraded the rating of RNS' senior secured credit facilities to Ba2, from Ba1, due to the changes in RNS' capital structure following the redemption of $175 million of RNS' senior subordinated notes in September 2007. The downgrade of RNS' senior secured credit facilities reflects the reduction in junior capital cushion following the redemption of $175 million of senior subordinated notes due 2014.

Headquartered in Bethpage, New York, Cablevision Systems Corporation is a domestic cable multiple system operator serving approximately 3 million subscribers in and around the metropolitan New York area.

Rainbow National Services LLC, headquartered in Jericho, NY, supplies television programming to cable television and direct broadcast service providers throughout the United States. The company operates three entertainment programming networks, American Movie Classics (AMC), WE: Women's Entertainment (WE), and The Independent Film Channel (IFC).

New York
Christina Padgett
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Mark Gray
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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