Outfront Media Inc. Outlook Revised To Stable From Positive On Slowed Growth In Outdoor Advertising;'B+' Rating Affirmed

We expect Outfront Media Inc.?s revenue growth will slow over the next few quarters, primarily driven by flattening national advertising growth, which will result in leverage remaining above our 5.5x upgrade threshold over the next year. Additionally, the company no longer expects to recoup its spending on its contract with New York Metropolitan Transportation Authority (MTA) through the remaining duration ending in 2030. Therefore, we revised the outlook on Outfront to stable from positive and affirmed our 'B+' issuer credit rating. The stable outlook reflects our expectation that Outfront's leverage will decline to 5.5x–6.0x over the next 12 months from 6.1x currently as the company's revenue and EBITDA growth improve, with a rebound in advertising spending from better macroeconomic conditions.

...August 16, 2023 - We expect Outfront Media Inc.'s revenue growth will slow over the next few quarters, primarily driven by flattening national advertising growth, which will result in leverage remaining above our 5.5x upgrade threshold over the next year. - Additionally, the company no longer expects to recoup its spending on its contract with New York Metropolitan Transportation Authority (MTA) through the remaining duration ending in 2030. - Therefore, we revised the outlook on Outfront to stable from positive and affirmed our 'B+' issuer credit rating. - The stable outlook reflects our expectation that Outfront's leverage will decline to 5.5x¡6.0x over the next 12 months from 6.1x currently as the company's revenue and EBITDA growth improve, with a rebound in advertising spending from better macroeconomic conditions. WASHINGTON D.C. (S&P Global Ratings) Aug. 16, 2023--S&P Global Ratings today took the rating actions listed above. We expect Outfront's leverage to remain about 6x in 2023....

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