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S&P: Bravo Deal Won't Change Rating

By Multi Channel News Staff -- Multichannel News, 11/5/2002 12:08:00 PM

Standard & Poor's announced Tuesday that Cablevision Systems Corp.'s deal to sell its 80 percent share in Bravo to NBC will not affect its ratings or outlook for the MSO.

S&P said it expects Cablevision to monetize the roughly $450 million to $670 million of General Electric Co. stock it will receive in the deal to reduce bank debt, including borrowings on its $2.4 billion revolving credit facility.

However, the MSO will lose roughly $55 million in annual operating cash flow from Bravo, S&P added, so the overall deleveraging impact is minimal.

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