Moody's upgrades Lamar

Moody's Investors Service said it upgraded Lamar Advertising Co.’s corporate family rating to Ba2 from Ba3, subsidiary Lamar Media Corp.'s senior secured credit facility to Baa2 from Baa3 and the senior unsecured notes to Ba3 from B1.

“The upgrade of the CFR reflects Lamar's strong recovery from the impact of the pandemic and reduction in leverage to 3.9x as of Q2 2021 (excluding Moody's standard lease adjustment) while maintaining a strong liquidity position. While Moody's expects EBITDA to return close to pre-pandemic levels by the end of 2021, additional acquisitions are likely to be funded with cash and debt that will result in leverage declining only modestly from current levels,” the agency said in a press release.

The outlook remains stable.

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