New York, May 26, 2015 -- Moody's Investors Service has assigned a B3 corporate family rating (CFR) to Altice US Holding I S.a.r.l. ("Altice US"), following its announcement that subsidiaries of the company will purchase a 70% equity interest in Cequel Corp. for approximately $3.4 billion. The transaction values Cequel at $9.2 billion, or approximately 10x EBITDA. Altice US is a wholly owned subsidiary of Altice S.A. which will raise debt at newly formed subsidiaries in advance of the Cequel purchase and hold the proceeds in escrow until deal close. To finance the acquisition, Altice US will issue $2.2 billion of new subsidiary debt consisting of $1.1 billion of new senior secured notes issued by Altice US Finance I Corporation ("the secured notes"), $300 million of senior unsecured notes issued by Altice US Finance II Corporation ("the unsecured notes"), $320 million of unsecured notes issued by Altice US Financing S.A. ("the holdco notes") and $500 million of seller notes issued by the minority shareholders. Moody's has assigned a Ba3 (LGD-2) rating to the secured notes and a Caa1 (LGD-5) rating to the unsecured notes. The holdco notes and seller notes will not be rated at this time. The outlook is stable.

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