S&P moves Meredith view to stable

S&P said it revised Meredith Corp.’s outlook to stable from negative and affirmed the B issuer rating.

“The outlook revision reflects Meredith’s better-than-expected operating performance since the end of March 2020 and our expectation the company will maintain adjusted net leverage below 5.5x through fiscal 2022. While advertising revenues faced challenges through most of 2020 due to the Covid-19 pandemic and ensuing recession, Meredith outperformed our EBITDA expectations through cost reductions, strong political advertising revenue, and digital advertising revenue growth,” the agency said in a press release.

S&P said it sees adjusted net leverage in the low-5x area for calendar 2020 and expects it to remain under 5.5x in fiscal 2021.

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