Clearview Cinema Group Rtgs on S&PWatch Pos Re:Buyout.

NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 8/14/98--Standard & Poor's CreditWire 8/14/98 -- Standard & Poor's today placed its single-`B' corporate credit and senior unsecured debt ratings on Clearview Cinema Group Inc. on CreditWatch with positive implications.

The CreditWatch placement follows the Aug. 13, 1998 announcement that the company will be sold to cable operator Cablevision Systems Corp. (double-'B'-plus/Stable). The sale includes the assumption of Clearview Cinema Group's $80 million 10 7/8% senior notes due 2008.

The CreditWatch placement reflects the stronger credit quality of Cablevision and the probability of an upgrade for Clearview following the consolidation. While Cablevision's core business is cable television, it has recently been purchasing other media and entertainment properties in a bid to broaden its product offerings. The addition of Clearview establishes entry into the competitive movie theater business with theaters located in and around Cablevision's strong operating cluster in New York and New Jersey.

A resolution of the CreditWatch listing for Clearview will occur following the closing of the purchase by Cablevision and the determination of the location of Clearview within the Cablevision operation. A fully consolidated entity would likely carry the same corporate credit rating as Cablevision, Standard & Poor's said.---CreditWire

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