Moody's rates Adams Outdoor loans B1

Moody's Investors Service said it assigned B1 ratings to Adams Outdoor Advertising LP's $25 million revolving credit facility and $260 million term loan B facility.

Additionally, Moody's affirmed the B1 senior implied rating, Caa1 senior unsecured issuer rating and stable outlook.

The proceeds of the transaction will be used to refinance the existing debt at Adams and fund a dividend to the partners.

Moody's said the ratings and stable outlook continue to reflect Adams' high market penetration and attractive operating margins that are supported by the limited competition and pricing pressure in their markets as well as the benefits of cost efficiencies of regional clusters.

These factors are offset by the company's still high leverage and our belief that the company will continue to acquire outdoor advertising assets in medium-sized markets, Moody's said.

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