Red Ventures HoldCo L.P.'s performance is on track to recover since the onset of the pandemic aided by organic growth and recent acquisitions. The company's S&P adjusted leverage was 5.7x as of Dec. 31, 2020; however, we expect leverage to decline toward the 4.5x area over the next 12 months as digital advertising spend and consumer discretionary spending continues to recover. Therefore, we affirmed our 'B+' issuer credit rating on the company and revised our outlook to stable from negative. The stable outlook reflects our expectation that Red Ventures will exhibit recovery across its business lines and will continue to pursue opportunistic acquisitions while maintaining leverage in the 4x-5x area over the next 12 months. We expect a rebound in
