Fitch rates CSC notes BB-

Fitch Ratings said it assigned a BB-/RR3 rating to CSC Holdings, Inc.'s $500 million issuance of senior unsecured notes due 2019. CSC is a wholly owned subsidiary of Cablevision Systems Corp.

The outlook is stable.

Proceeds are expected to be used for general corporate purposes including refinancing 2009 scheduled maturities.

Fitch said this issuance - together with CSC's $750 million issuance of notes in January - will alleviate the refinancing risk present within Cablevision 's credit profile. During 2009, scheduled maturities total approximately $1.7 billion, including Cablevision and CSC notes and required bank facility amortization.

The ratings for Cablevision continue to reflect the company's strong competitive position, the operating and cost efficiencies derived from its tightly clustered subscriber base as well as the company's growing revenue diversity owing to the success of its triple-play service offering, the agency said.

Fitch does expect, however, that revenue-generating-unit growth rates will decline as growth prospects within the company's traditional triple-play service offering diminish due to industry-leading service penetration rates and current economic conditions. The agency said it also believes that event risk surrounding Cablevision's acquisition and investment strategy as well as its financial policies related to the allocation of capital to shareholders is expected to remain a key rating consideration.

Leverage was approximately 5.2 times as of the latest 12-month period ended Sept. 30.

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