S&P rates Outfront Media notes BB-

S&P said it assigned a BB- with a 4 recovery rating to the planned $500 million senior unsecured notes due 2030 issued by Outfront Media Capital LLC. The 4 recovery rating denotes S&P’s expectation for average (30%-50%; rounded estimate: 30%) recovery for lenders in the event of a payment default. Outfront is a subsidiary of Outfront Media Inc.

“Outfront plans to use the proceeds from the proposed debt to refinance its outstanding $450 million senior unsecured notes due 2025. The transaction does not affect our BB- issuer credit rating or stable outlook on Outfront because it is roughly leverage neutral,” said S&P in a press release.

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