Moody’s upgrades Lamar, notes

Moody's Investors Service said it upgraded Lamar Advertising Co.’s corporate family rating to Ba2 from Ba3, senior notes due 2024 to Ba1 from Ba2 and subordinate notes due in 2022 and 2023 to Ba3 from B1.

The outlook is stable. This concludes the review for upgrade that began on June 16.

Moody’s said the upgrade reflects the reduction in adjusted debt due to changes in its approach for capitalizing operating leases published on June 15.

The upgrade also considers the continued strong performance of the company and the decrease in leverage levels over the last several years, the agency said.

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