S&P rates Outfront Media loans BB+

S&P said it assigned its BB+ issue-level rating and 1 recovery rating to Outfront Media Capital LLC's proposed $670 million senior secured term loan due 2024 and $430 million revolving credit facility due 2022.

The 1 recovery rating indicates an expectation for very high recovery (90%-100%; rounded estimate: 95%) of principal in the event of a payment default.

The proposed credit facilities will extend the company's debt maturity profile and replace its outstanding $660 million term loan B and revolving credit facility.

The BB- corporate credit rating and stable outlook on the company's parent, Outfront Media Inc., are not affected by the proposed transaction, the agency said.

Outfront Media Capital Corp. is a co-borrower on the new debt.

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