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S&P rates Outfront Media notes BB-
S&P said it assigned a BB- rating and 4 recovery ratings to the proposed $550 million senior unsecured notes due 2027 issued by Outfront Media Capital LLC, a subsidiary of Outfront Media Inc.
The 4 recovery rating indicates 30% to 50% expected default recovery.
The proceeds will be used to refinance its outstanding $550 million senior unsecured notes due 2022.
The transaction does not affect the BB- issuer credit rating or stable outlook on Outfront because it is leverage neutral, S&P said.
The agency said expects the company's adjusted debt-to-EBITDA ratio to remain in the 5.2x to 5.4x range in 2019.
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