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Rating Action:

Moody's Upgrades Cablevision and Rainbow Ratings (CFRs & PDRs To Ba3); Outlook Stable

07 Feb 2008
Moody's Upgrades Cablevision and Rainbow Ratings (CFRs & PDRs To Ba3); Outlook Stable

Liquidity Profiles Are Mixed

New York, February 07, 2008 -- Moody's Investors Service upgraded to Ba3, from B1, the Corporate Family Ratings for Cablevision System Corporation ("Cablevision") and its wholly-owned indirect subsidiary Rainbow National Services LLC ("Rainbow"). The rating outlooks for both companies were also changed to Stable from Developing.

Today's rating actions stem primarily from Moody's belief that the controlling shareholders and senior management (Dolan family) are not currently considering another fiscally aggressive, going-private transaction (although the agency has not ruled out the possibility that they may do so in the future). Senior Vice President Christina Padgett noted that "difficult financial market conditions, including very tight credit and shareholder distaste for current valuations of cable companies, will likely preclude the Dolans from making a fourth run at taking the company private, even if they wanted to do so and thought that they could get it done at a lower price point." As a direct result, both companies are no longer as constrained as they had previously been with respect to such event risk. Moreover, the upgrades are supported by Moody's expectation of continued improvements in fundamental operating performance and key credit metrics over the forward rating horizon, notwithstanding heightened competitive pressure and uncertainty with respect to the magnitude of the potentially adverse impact from a lingering recessionary economic environment. In this regard, Senior Vice President Russell Solomon noted that "Cablevision continues to reap the benefits of having what are arguably the premiere assets in the cable TV business," adding that "the same things that have made them so successful operationally put them at perhaps the greatest risk to rapidly encroaching competition in the future, but they are well prepared and equipped to fight the coming fight."

At the same time, however, Moody's lowered Cablevision's Speculative Grade Liquidity (SGL) Rating to SGL-3 ("Adequate") from SGL-2 ("Good") given the company's near-term scheduled debt maturities ($500 million of notes due July 2008, plus $85 million of requisite term loan amortization payments throughout 2008), highly uncertain financial market conditions and a greater anticipated reliance on external (albeit committed) sources of liquidity to satisfy the same. In contrast, Moody's raised Rainbow's SGL Rating to SGL-1 ("Very Good") from SGL-2 due mainly to expectations of further improvements in internally generated cash flow.

For additional information, please refer to the Cablevision and Rainbow credit opinions as posted to Moodys.com.

The following summarizes the rating actions taken by Moody's today:

Cablevision Systems Corporation

Corporate Family Rating -- Upgraded to Ba3, from B1

Probability of Default Rating -- Upgraded to Ba3, from B1

Senior Unsecured Regular Notes -- Upgraded to B2 (LGD6 -- 93%), from B3 (LGD6 -- 93%)

Speculative Grade Liquidity -- Lowered to SGL-3, from SGL-2

Rating Outlook -- Revised to Stable, from Developing

CSC Holdings, Inc.

Senior Secured Bank Credit Facilities -- Upgraded to Ba1 (LGD2 -- 25%), from Ba2 (LGD2 -- 24%)

Senior Unsecured Notes and Debentures -- Upgraded to B1 (LGD5 -- 74%), from B2 (LGD5 -- 73%)

Rating Outlook -- Revised to Stable, from Developing

Rainbow National Services LLC

Corporate Family Rating -- Upgraded to Ba3, from B1

Probability of Default Rating -- Upgraded to Ba3, from B1

Senior Secured Bank Credit Facilities -- Upgraded to Ba1 (LGD2 -- 23%), from Ba2 (LGD2 -- 24%)

Senior Unsecured Notes -- Upgraded to B1 (LGD4 -- 68%), from B2 (LGD4 -- 69%)

Senior Subordinated Notes -- Upgraded to B2 (LGD5 -- 89%), from B3 (LGD5 -- 89%)

Speculative Grade Liquidity -- Upgraded to SGL-1, from SGL-2

Rating Outlook -- Revised to Stable, from Developing

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

Rainbow National Services LLC ("Rainbow" or the "company"), headquartered in Jericho, NY, supplies television programming to cable television and direct broadcast satellite providers throughout the United States. The company predominantly operates three entertainment programming networks, American Movie Classics (AMC), WE: Women's Entertainment (WE tv), 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
Russell Solomon
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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