OREANDA-NEWS. S&P Global Ratings said today that it affirmed its 'BB-' corporate credit rating on Studio City, Calif-based cable network operator Crown Media Holdings Inc. The rating outlook is stable.

At the same time, we affirmed our 'BB+' issue-level rating on the company's senior secured debt. The recovery rating remains unchanged at '1', indicating our expectation for very high recovery (90%-100%) of principal in the event of a payment default.

We subsequently withdrew all our ratings on Crown Media at the issuer's request, following the completion of its short-form merger with Hallmark Cards Inc. (not rated).