New York, September 24, 2015 -- Moody's Investors Service has assigned a B1 corporate family rating (CFR) and B1-PD probability of default rating (PDR) to Neptune Finco Corp. ("Neptune"). Neptune is a wholly owned subsidiary of Altice N.V. (unrated) which will finance its acquisition of Cablevision Systems Corporation ("Cablevision", Ba2 review for downgrade). Neptune will issue $10.6 billion of new debt obligations, including a $5.3 billion secured guaranteed credit facility, $1.5 billion of unsecured guaranteed notes due 2025 and $3.8 billion of unsecured notes due 2025. The credit facility will be comprised of a $3.3 billion 7-year term loan and a $2.0 billion 5-year revolving credit facility. Moody's has assigned Ba1 (LGD-2) ratings to the credit facility and guaranteed notes and a B2 (LGD-4) rating to the unsecured notes. The ratings outlook for Neptune is stable.

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