S&P boosts Stagwell

S&P said it raised its ratings for Stagwell Inc., including the ratings on its notes that were issued through Midas OpCo Holdings LLC to BB- from B+.

“We expect Stagwell's S&P Global Ratings'-adjusted leverage to decline to the high-3x area in 2022 because of better-than-expected revenue growth and solid EBITDA generation. The upgrade reflects the company's better-than-expected year-to-date performance and our forecast for a strong second half of 2022. We expect this will cause the company's adjusted leverage to fall below our 4.25x upgrade threshold for the B+ rating,” the agency said in a press release.

Additionally, S&P said it projects Stagwell will probably end the year with leverage in the high 3x area and decline to the mid-3x range in 2023.

The outlook is stable.

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