S&P cuts Outfront Media

S&P said it lowered the rating for Outfront Media Inc. to B+ from BB-, citing its forecast for lower consumer spending that will pressure advertising budgets.

“We expect Outfront's leverage to increase above our 5.5x downgrade threshold in 2020. Outfront's adjusted leverage was 5.2x as of the end of 2019. We previously expected the company's leverage to remain in the low-5.0x area in 2020; however, we now anticipate that the decline in its revenue stemming from the coronavirus pandemic and U.S. economic slowdown will increase its leverage above 5.5x in 2020,” said S&P in a press release.

The outlook is negative.

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