Outfront Media Inc. Unsecured Debt Rating Lowered To 'B'; Recovery Rating Revised To '5' - S&P Global Ratings’ Credit Research

Outfront Media Inc. Unsecured Debt Rating Lowered To 'B'; Recovery Rating Revised To '5'

Outfront Media Inc. Unsecured Debt Rating Lowered To 'B'; Recovery Rating Revised To '5' - S&P Global Ratings’ Credit Research
Outfront Media Inc. Unsecured Debt Rating Lowered To 'B'; Recovery Rating Revised To '5'
Published Nov 07, 2023
4 pages (1660 words) — Published Nov 07, 2023
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

DES MOINES (S&P Global Ratings) Nov. 7, 2023--S&P Global Ratings today lowered the issue-level rating on Outfront Media Inc.'s unsecured debt to 'B' from 'B+' and revised the recovery rating to '5' from '4'. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate 20%) recovery for lenders in the event of a payment default. Outfront recently announced its plans to issue $400 million of secured notes, and use proceeds to pay off the company's $400 million unsecured notes due in 2025. While the current amount of total debt outstanding will remain the same, these actions increase the amount of secured debt outstanding in our hypothetical default scenario and as a result, lower recovery prospects for unsecured debtholders.

  
Brief Excerpt:

...November 7, 2023 DES MOINES (S&P Global Ratings) Nov. 7, 2023--S&P Global Ratings today lowered the issue-level rating on Outfront Media Inc.'s unsecured debt to 'B' from 'B+' and revised the recovery rating to '5' from '4'. The '5' recovery rating indicates our expectation for modest (10%-30%; rounded estimate 20%) recovery for lenders in the event of a payment default. Outfront recently announced its plans to issue $400 million of secured notes, and use proceeds to pay off the company's $400 million unsecured notes due in 2025. While the current amount of total debt outstanding will remain the same, these actions increase the amount of secured debt outstanding in our hypothetical default scenario and as a result, lower recovery prospects for unsecured debtholders. The '##' issue-level rating and '1' recovery rating on the company's existing senior secured debt are unchanged. We also assigned our '##' issue-level rating and '1' recovery to the company's new secured notes due 2031. Our...

  
Report Type:

Ratings Action

Issuer
Outfront Media Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Outfront Media Inc. Unsecured Debt Rating Lowered To 'B'; Recovery Rating Revised To '5'" Nov 07, 2023. Alacra Store. May 17, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Outfront-Media-Inc-Unsecured-Debt-Rating-Lowered-To-B-Recovery-Rating-Revised-To-5-3085150>
  
APA:
S&P Global Ratings’ Credit Research. (). Outfront Media Inc. Unsecured Debt Rating Lowered To 'B'; Recovery Rating Revised To '5' Nov 07, 2023. New York, NY: Alacra Store. Retrieved May 17, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Outfront-Media-Inc-Unsecured-Debt-Rating-Lowered-To-B-Recovery-Rating-Revised-To-5-3085150>
  
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