Outfront Media Inc. Outlook Revised To Positive From Negative On Recovered Billboard Revenue; 'B+' Rating Affirmed

Outfront Media Inc. recovered to prepandemic billboard advertising revenue in the third quarter of 2021, and we expect 2022 billboard revenue will exceed 2019 levels. Transit revenues are still struggling due to low ridership, particularly in New York, but we expect the segment's revenue to ramp up in 2022, finishing at roughly 80% of 2019. We now believe leverage could decline below our 5.5x upgrade threshold over the next year. As a result, we revised the outlook on Outfront to positive from negative and affirmed our 'B+' issuer credit rating. The positive outlook reflects our expectation that Outfront will recover to within 95% of 2019 revenue in 2022 and end the year with leverage in the mid-5x area. CHICAGO (S&P

...February 4, 2022 - Outfront Media Inc. recovered to prepandemic billboard advertising revenue in the third quarter of 2021, and we expect 2022 billboard revenue will exceed 2019 levels. Transit revenues are still struggling due to low ridership, particularly in New York, but we expect the segment's revenue to ramp up in 2022, finishing at roughly 80% of 2019. - We now believe leverage could decline below our 5.5x upgrade threshold over the next year. As a result, we revised the outlook on Outfront to positive from negative and affirmed our 'B+' issuer credit rating. - The positive outlook reflects our expectation that Outfront will recover to within 95% of 2019 revenue in 2022 and end the year with leverage in the mid-5x area. CHICAGO (S&P Global Ratings) Feb. 4, 2022--S&P Global Ratings today took the rating actions listed above. We expect Outfront's leverage will improve to the mid-5x area in 2022. Outfront's billboard revenue growth exceeded our expectations in the first three quarters...

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