Moody’s lowers Outfront

Moody’s Investors Service said it downgraded Outfront Media Inc.’s corporate family rating to B1 from Ba3 and the probability of default rating to B1-PD from Ba3-PD.

Also, Moody’s downgraded the senior unsecured note rating issued by Outfront’s subsidiary to B2 from B1 and affirmed the senior secured debt rating at Ba1. The speculative grade liquidity rating remains unchanged at SGL-2.

The agency changed the outlook to negative from stable.

“The downgrade of Outfront’ s CFR and negative outlook reflect the impact of the coronavirus outbreak on the economy which Moody’s expects will materially reduce outdoor advertising revenue in the near term and lead to higher leverage levels and decreased cash flow from operations,” the agency said in a press release.

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