...CHICAGO (Standard & Poor's) March 25, 2015--Standard & Poor's Ratings Services said today that its '##-' issue-level rating and '4' recovery rating on New York City-based outdoor advertising company Outfront Media Inc.'s senior unsecured notes due 2024 are not affected by the company's proposed $100 million add-on. The '4' recovery rating indicates our expectation for average recovery (30%-50%; lower half of the range) of principal in the event of a default. Outfront Media's wholly owned subsidiaries, Outfront Media Capital LLC and Outfront Media Capital Corp., are co-borrowers of this debt. With this additional debt issuance, we expect that Outfront Media's pro forma adjusted leverage will increase to roughly 4.8x from 4.6x as of Dec. 31, 2014. Leverage at this level is consistent with our "aggressive" financial risk profile assessment, and we expect that it would remain below our 5x adjusted leverage threshold for the company at a '##-' corporate credit rating. The company intends to...
