Moody's upgrades Stagwell

Moody's Investors Service said it upgraded Stagwell Global LLC's corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD, senior unsecured notes rating to B2 from B3 and speculative grade liquidity rating to SGL-2 from SGL-3. The outlook was also changed to stable from positive.

The company was formed from the merger of MDC Partners Inc. and Stagwell Marketing Group Holdings LLC in August 2021.

"The upgrade reflects the company's good operating momentum post-merger and its focus on deleveraging," said Peter Adu, a Moody's vice president and senior credit officer, in a press release.

The agency said it forecasts the company is likely to record solid revenue and EBITDA growth, which should enable debt/EBITDA to be kept below 4.5x by the end of 2023.

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