Strong positions in large and midsize outdoor advertising markets; Consistently high EBITDA margin; Increased contribution from faster-growing digital revenue; and Less structural pressure from online alternatives, unlike other media. Somewhat high debt leverage; Cyclicality of advertising revenue; Good cash flow generation; and Potential for reduced financial flexibility as a result of REIT conversion. Our stable rating outlook incorporates the company's recent REIT conversion in 2014. Our outlook also reflects CBS Outdoor maintaining fully adjusted leverage at or below the low-4x area with adequate liquidity in 2015, despite a near-term spike in leverage from the acquisition of assets from Van Wagner. We could lower our rating if operating performance deteriorates because of economic pressure, causing leverage to rise and remain in
