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 formats. Somewhat high debt leverage; Cyclicality of advertising revenue; Good cash flow generation; and Reduced financial flexibility as a result of REIT conversion. The stable rating outlook on New York City-based outdoor advertising company Outfront Media Inc. reflects our expectation that the company will maintain "adequate" liquidity and leverage below 5x. We could lower our rating if operating performance deteriorates because of economic pressure, causing leverage to rise and remain in the 5x area on a sustained basis. A more likely downgrade scenario could entail a permanent shift in financial policy
