CHICAGO (S&P Global Ratings) May 13, 2020--S&P Global Ratings today assigned its 'B+' issue-level rating and '4' recovery rating to the proposed $400 million senior unsecured notes due in 2025 issued by New York City-based outdoor advertising company Outfront Media Inc. subsidiaries Outfront Media Capital Corp. and Outfront Media Capital LLC. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 30%) recovery for lenders in the event of a payment default. Outfront plans to use the proceeds from the proposed notes to repay borrowings under its $500 million revolving credit facility maturing in 2024 ($495 million outstanding as of March 31, 2020). Our 'B+' issuer credit rating and negative outlook on Outfront are unchanged because the proposed
