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26 Sep 2011
New York, September 26, 2011 -- Moody's Investors Service affirmed Cablevision Systems Corporation's
("Cablevision" or "CVC") long term debt ratings
(Ba2 Corporate Family Rating (CFR) and Probability of Default Rating (PDR)).
Existing ratings for CSC Holdings, LLC ("CSC") and Newsday
LLC ("Newsday"), the wholly owned subsidiaries of CVC,
were also affirmed, as outlined below. In addition,
Moody's changed the company's rating outlook to stable from positive,
and changed its Speculative Grade Liquidity rating to SGL-2,
Cablevision's Ba2 CFR rating broadly reflects the company's industry
leading performance and operating stability, a moderately leveraged
financial profile, and the underlying strength of its asset base
which suggests high enterprise value relative to firm-wide liabilities.
Moody's expects the company will continue to focus on the strength
of its cable business lines and add additional innovative products and
services. The stable outlook incorporates Moody's expectation
that the company's debt-to-EBITDA leverage (4.5x
as of 6/30/2011, pro forma for its spin-off of Rainbow Media
Holdings and incorporating Moody's standard adjustments) will decline
to the low 4x range in 2012, and that free cash flow will grow to
be around 6% of total debt over the same period. These credit
metrics are expected notwithstanding a weakened economy and the increasingly
competitive operating environment. The prior positive outlook had
contemplated that the company's leverage would drop and be sustained
below 4.0x in 2011, but the acquisition of Bresnan Broadband
Holdings LLC in 2010 and the spin-off of Rainbow Networks in 2011
have slowed the company's credit improvement progress somewhat.
In addition, Moody's believes that the company, like
much of the other public Pay TV companies, will increase its shareholder-friendly
activities in the future, with increasing portions of free cash
flow set aside for dividends and share repurchases as compared to debt
reduction and acquisitions. Moody's also believes that event
risk is high over the intermediate-term. The company has
a history of making overtures to take the company private using higher
debt levels, and management has in the past been comfortable making
debt financed acquisitions. The company has a stated target range
for leverage of 4.0 to 4.5x. While it is still possible
for the company to sustain leverage at or under 4.0x, Moody's
believes that even in the absence of an acquisition, the company
will not achieve this target until 2013 or 2014.
Separately, Moody's changed Cablevision's short-term speculative
grade liquidity rating to SGL-2, from SGL-1,
reflecting expectation of less abundant internal source of liquidity relative
to anticipated cash funding needs over the next 12-to-18
Moody's Investors Service maintains the following ratings on Cablevision
Systems Corporation and its Affiliates:
Cablevision Systems Corporation
LT Corporate Family Rating of Ba2
Senior Unsecured Rating of B1
Senior Unsec. Shelf Rating of (P)B1
Speculative Grade Liquidity Rating of SGL-2 from SGL-1
LGD Senior Unsecured Assessment of 91 - LGD6 from 90 - LGD6
Probability of Default Rating of Ba2
BACKED Senior Secured Bank Credit Facility Rating of Ba3
LGD BACKED Senior Secured Bank Credit Facility Assessment of 67 -
LGD4 from 63 - LGD4
CSC Holdings, LLC
Senior Secured Bank Credit Facility Rating of Baa3
Senior Unsecured Rating of Ba3
LGD Senior Secured Bank Credit Facility Assessment of 18 - LGD2
from 16 - LGD2
LGD Senior Unsecured Assessment of 67 - LGD4 from 63 - LGD4
The principal methodology used in rating Cablevision was Moody's Global
Cable Television Industry Methodology published in July 2009. Other
methodologies used include Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009 (and/or) the Government-Related
Issuers methodology published in July 2010. Please see the Credit
Policy page on www.moodys.com for a copy of these methodologies.
Headquartered in Bethpage, New York, Cablevision Systems Corporation
is predominantly a domestic cable TV multiple system operator serving
approximately 3.3 million subscribers in and around the New York
metropolitan area and approximately 354,000 subscribers in Montana,
Wyoming, Colorado and Utah, acquired in December 2010.
Cablevision is the direct parent of CSC Holdings, Inc, which
owns subsidiaries with cable and telecommunications operations and Newsday
LLC, the publisher of Newsday and other niche publications.
CSC also owns Bresnan Broadband Holdings LLC through the acquisition in
Moody's adopts all necessary measures so that the information it
uses in assigning a rating is of sufficient quality and from sources Moody's
considers to be reliable including, when appropriate, independent
third-party sources. However, Moody's is not
an auditor and cannot in every instance independently verify or validate
information received in the rating process.
Please see Moody's Rating Symbols and Definitions on the Rating
Process page on www.moodys.com for further information on
the meaning of each rating category and the definition of default and
Please see ratings tab on the issuer/entity page on www.moodys.com
for the last rating action and the rating history.
The date on which some ratings were first released goes back to a time
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not be available. Consequently, Moody's provides a
date that it believes is the most reliable and accurate based on the information
that is available to it. Please see the ratings disclosure page
on our website www.moodys.com for further information.
Please see www.moodys.com for any updates or changes to
the lead rating analyst, and to the Moody's legal entity that
has issued the rating.
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
MD - Corporate Finance
Corporate Finance Group
Moody's affirms Cablevision System's Ba2 CFR Rating and changes Outlook to Stable
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
No Related Data.
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