NEW YORK (Standard&Poor's) July 21, 2014--Standard&Poor's Ratings Services said today that its 'BB-' corporate credit rating on New York City-based outdoor advertising company CBS Outdoor Americas Inc. is unaffected by today's announcement of its agreement to acquire certain assets from Van Wagner Communications LLC for $690 million. The rating outlook remains stable. We expect the company will fund the majority of the transaction (expected to close sometime in 2015) with debt and roughly $75 million of cash from the balance sheet. Assuming the company funded the transaction with 100% incremental debt and no cash, pro forma adjusted leverage would increase to roughly 4.3x from 3.6x (as of March 31, 2014). Leverage at this level would remain
