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Rating Action:

Moody's Upgrades Cablevision Ratings; Outlook Stable

20 May 2009

Approximately $11 Billion of Rated Debt Affected

New York, May 20, 2009 -- Moody's Investors Service upgraded Cablevision Systems Corporation's ("Cablevision") Corporate Family Rating (CFR) and Probability of Default Rating (PDR), each to Ba2 from Ba3. In addition, Moody's upgraded the instrument ratings of Cablevision's and its subsidiaries' debt as detailed below. Cablevision's speculative grade liquidity rating remains at SGL-2 and the rating outlook is stable.

Moody's has taken the following rating actions:

Issuer: Cablevision Systems Corporation

..Corporate Family Rating - Upgraded to Ba2 from Ba3

..Probability of Default Rating - Upgraded to Ba2 from Ba3

..Senior Unsecured Notes - Upgraded to B1 (LGD6-93%) from B2 (LGD6-93%)

..Speculative Grade Liquidity Rating - remains at SGL-2

..Rating Outlook - remains Stable

Issuer: CSC Holdings, Inc. (CSC, a wholly-owned subsidiary of Cablevision)

..Senior Secured Bank Credit Facilities - Upgraded to Baa3 (LGD2-17%) from Ba1 (LGD2-18%)

..Senior Unsecured Notes / Debentures - Upgraded to Ba3 (LGD4-69%) from B1 (LGD4-69%)

..Rating Outlook - remains Stable

Issuer: Newsday LLC (Newsday, an approximately 97%-owned subsidiary of CSC)

..Senior Secured Fixed Rate Term Loan (gtd. by CSC on a senior unsecured basis) - Upgraded to Ba3 (LGD4-69%) from B1 (LGD4-69%)

The upgrades are principally driven by ongoing strength in operating performance, improving liquidity and ensuing improvements in financial flexibility and balance sheet strength, along with a notably higher level of perceived fiscal conservatism. "Moody's believes that the historically shareholder-oriented predisposition and often non-core investment strategies of the controlling Dolan family have lessened somewhat in response to difficult credit and economic conditions and, more importantly, will remain less of a consideration in favor of a stronger credit profile in future periods," noted Senior Vice President Russell Solomon. Recent commentary with respect to more prudent management and continued deleveraging of the company's balance sheet by Cablevision's senior officers bolsters this sentiment. Moody's expects the company's business profile to remain strong and its financial profile to strengthen further as leverage of about 5.2x (on a debt-to-EBITDA basis as of 3/31/2009, incorporating Moody's standard adjustments) drops below 5.0x this year through a combination of both absolute debt reduction and EBITDA growth.

The company's decision to contemplate the spin-off of MSG (and the financing of that operation's heavy capital expenditure requirements on a wholly free-standing basis) and proactively address its debt maturity profile by seeking to extend the maturity of its term loan B facility both lend further support to Moody's view of management's increased financial responsibility during challenging times. The extension of the maturity profile would allow Cablevision the flexibility to either conserve its free cash flow ahead of its 2011 maturities or tender for the maturing debt, thereby reducing future refinancing needs. A potential spin-off of MSG, which Moody's expects may occur by year-end, would simplify Cablevision's business model, reduce some of the dependence on the company's now solidly positive cash flow generating businesses to fund potentially meaningful losses and growth initiatives in businesses that are not necessarily core, decrease operational volatility and improve the predictability of capital requirements.

Cablevision's Ba2 Corporate Family Rating and stable rating outlook reflect the industry-leading performance and relative stability demonstrated within its core cable business operations, as now further supported by a perceived commitment to a more fiscally conservative financial profile. In addition, the rating is further supported by the high perceived underlying value of the company's assets, including its content and other media properties.

The SGL-2 speculative grade liquidity rating is driven by the company's solid internal cash flow generation and its ability to meet its debt amortization requirements over the next twelve months with free cash flow. The rating also reflects Moody's expectation of limited reliance on the CSC revolving credit facility and adequate covenant compliance cushion.

The last rating action was on February 9, 2009 when Moody's raised Cablevision's speculative grade liquidity rating to SGL-2 from SGL-3. Please see the credit opinion posted to www.moodys.com for additional information on Cablevision's ratings.

The principal methodology used in rating this issuer was Global Cable Television Industry (August 2005), which can be found at found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

Headquartered in Bethpage, New York, Cablevision Systems Corporation is predominantly a domestic cable TV multiple system operator serving approximately 3.1 million subscribers in and around the New York metropolitan area. Among other entertainment- and media-related business ventures, the company also owns and distributes programming to cable television and direct broadcast satellite providers throughout the United States through its Rainbow National Services subsidiary.

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

New York
Alexandra S. Parker
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Upgrades Cablevision Ratings; Outlook Stable
No Related Data.
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