S&P elevates Magnite ratings

S&P said it raised its issuer credit rating on Magnite Inc. to B+ from B.

S&P also raised the issue-level rating on its first-lien credit facility to BB- from B+. The 2 recovery rating remains unchanged.

The outlook is stable.

Magnite reported stronger-than-expected operating performance in 2022 as a result of the SpotX acquisition and continued organic growth through new and existing clients.

“We now expect adjusted leverage will remain below 5.0x and free operating cash flow (FOCF) to debt to remain above 10%, which are both key upside thresholds for the rating,” S&P said in a news release.

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