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S&P rates Outfront Media notes B+
S&P said it assigned its B+ issue-level and 4 recovery ratings to the planned $500 million of senior unsecured notes issued by Outfront Media Inc. subsidiaries Outfront Media Capital Corp. and Outfront Media Capital LLC. The 4 recovery rating indicates expectations for average (30%-50%; rounded estimate: 30%) recovery for lenders in default.
Outfront plans to use the proceeds to redeem its $500 million of senior unsecured notes due in 2024.
“The transaction does not affect our B+ issuer credit rating or negative outlook on Outfront because it is leverage-neutral,” S&P said in a press release.
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