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AMC Networks Inc. Assigned Preliminary 'BB-' Corporate Credit Rating; Debt Facilities Also Rated; Outlook Stable Jun 11
Standard & Poors, June 2011
Abstract
Cable system operator Cablevision Systems Corp. plans to spin-off AMC Networks Inc., its cable network unit, to existing Cablevision shareholders on June 30. AMC Networks plans to incur about $2.425 billion of new debt in connection with the spin-off. We are assigning AMC Networks a preliminary 'BB-' corporate credit rating; its secured debt a preliminary 'BB+' issue-level rating, with a preliminary recovery rating of '1'; and its unsecured debt a preliminary 'B+' issue-level rating, with a preliminary recovery rating of '5'. The stable rating outlook reflects our view that the company's strong discretionary cash flow will enable it to reduce its lease-adjusted debt to EBITDA ratio to the mid-5x area in the near term, and continue reducing from there. NEW...
Companies mentioned in this report are: AMC Networks Inc.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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