Moody's stabilizes Outfront Media view

Moody's Investors Service said it changed Outfront Media Inc.'s outlook to stable from negative and affirmed its B1 corporate family rating and its B1-PD probability of default rating.

The Ba1 senior secured credit facility rating and B2 senior unsecured note rating issued by Outfront's subsidiary, Outfront Media Capital LLC, were also affirmed. The speculative grade liquidity rating remains unchanged at SGL-2.

“The ratings affirmation and stable outlook reflect the strong recovery in operating performance (revenue up 42% LTM Q1 2022) and Moody's expectation that results will continue to improve toward pre-pandemic levels in 2022. Operating results will be supported by growth in digital and static billboards. The transit division will take longer to recover, but will improve over time as subway ridership increases,” the agency said in a press release.

Moody’s said it forecasts Outfront’s free cash flow continuing to be negative in 2022, but sees it turning positive in 2023.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.