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Moody's affirms ratings of OUTFRONT Media, unit

Moody's affirmed its corporate family rating on outdoor advertising real estate investment trust OUTFRONT Media Inc. at Ba3.

The rating agency also affirmed senior secured debt and senior unsecured note ratings of the REIT at Ba1 and B1, respectively. The probability of default rating was affirmed at Ba3-PD.

At the same time, Moody's affirmed the ratings on OUTFRONT Media Capital LLC's senior secured term loan B due 2024 and senior secured revolving credit facility due 2022 at Ba1 (LGD2). The Gtd senior unsecured note rating was affirmed at B1 (LGD5).

The outlook remains stable for both OUTFRONT Media and OUTFRONT Media Capital.

The Ba3 corporate family rating is based on the company's outdoor advertising market edge in the U.S., with positions in the top 25 markets and about 140 markets in the U.S. and Canada, the rating agency noted.

"The continued conversion of traditional static billboards and transit displays to digital is expected to support revenue and EBITDA growth," Moody's said.

Moody's added that the company should maintain good liquidity as reflected by its speculative grade liquidity rating of SGL-2.

The stable outlook is driven by Moody's view that the company will see continued revenue growth, albeit at a slower pace given more challenging comparable results during the second half.