Fitch affirms Cablevision's ratings |
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Thu, 18 Jan 2007 07:24
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CHICAGO (AFX) - Fitch Ratings on Wednesday affirmed Cablevision Systems Corp.'s issuer default rating and removed it from Rating Watch Negative, after the cable TV operator rejected a buyout offer by its controlling shareholders.The credit-rating agency said it affirmed the 'B+' issuer default ratings of Cablevision and subsidiary CSC Holdings Inc. Fitch said it placed Cablevision's ratings under Rating Watch Negative in October after the Dolan family, which controls the company through a special class of supervoting stock, made a bid to take the company private.The rating outlook on Cablevision and its subsidiary is negative, as Fitch said it still has concerns about the company's financial policy and potential to return capital to shareholders at the expense of bondholders.Cablevision shares rose 76 cents, or 2.7 percent, to close at $29.25 on the New York Stock Exchange. Shares have ranged between $18 and $30.50 over the past year.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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