S&P flips Outfront view to positive

S&P said it changed Outfront Media Inc.’s outlook to positive from negative and affirmed the B+ issuer rating.

“We expect Outfront's leverage will improve to the mid-5x area in 2022. Outfront's billboard revenue growth exceeded our expectations in the first three quarters of 2021. We expect full-year 2021 billboard revenue will be roughly the same as in 2019. Outfront derives most of its billboard revenue from large markets, which outperformed small markets in 2021 as they took longer to recover from coronavirus restrictions,” the agency said in a press release.

S&P said it forecasts Outfront will beat the industry in 2022 mainly from the recovery in its transit revenue and return to 95% of 2019 total revenue levels in 2022, which will lower leverage to 5.5x by the end of 2022 from the mid-6x area in 2021.

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