...CHICAGO (S&P Global) Sept. 28, 2017--S&P Global Ratings said today that its ratings and outlook on New York City-based outdoor advertising company Outfront Media Inc. (##-/Stable/--) are not affected by the company's announcement that it has been awarded an advertising and communications concession agreement from the New York Metropolitan Transit Authority (MTA). The agreement allows Outfront to sell advertising on MTA's transit and other out-of-home assets for the next 10 years, with an option for Outfront to extend the agreement an additional five years. We believe Outfront's leverage could remain elevated in the high 4x-5x range over the next two years, with incremental borrowing related to the largely front-loaded capital required to deploy the digital assets offsetting the incremental EBITDA from a lower revenue share. Outfront will need significant resources, both monetary and required expertise, to successfully deploy 46,000 advertising screens and 8,000 communication screens on...
