Research Update: Outfront Media Inc. Downgraded To 'B+' On Expected Coronavirus Pressures; Outlook Negative

The ongoing coronavirus pandemic and the expected economic slowdown stemming from the efforts to contain its spread have already reduced consumer spending in the U.S. and we expect it to pressure advertising spending over the next year. We are lowering our issuer credit rating on Outfront Media Inc. to 'B+' from 'BB-' because we expect the decline in advertising spending to increase its leverage well above our 5.5x downgrade threshold over the next year. The negative outlook reflects the uncertainty surrounding the duration and severity of the pandemic and the related economic downturn and the risk that Outfront's leverage could increase above 6.5x and remain at that level through 2021. The negative outlook reflects the uncertainty surrounding the duration and

...- The ongoing coronavirus pandemic and the expected economic slowdown stemming from the efforts to contain its spread have already reduced consumer spending in the U.S. and we expect it to pressure advertising spending over the next year. - We are lowering our issuer credit rating on Outfront Media Inc. to 'B+' from '##-' because we expect the decline in advertising spending to increase its leverage well above our 5.5x downgrade threshold over the next year. - The negative outlook reflects the uncertainty surrounding the duration and severity of the pandemic and the related economic downturn and the risk that Outfront's leverage could increase above 6.5x and remain at that level through 2021....

Research Update