S&P changes Townsquare Media view

S&P said it changed Townsquare Media Inc.’s outlook to positive from stable, based on improving operating trends. The company’s B issuer credit rating was affirmed.

The agency said the company’s broadcast revenue has continued to recover from the coronavirus-related advertising recession and it is experiencing a strong ongoing improvement in its digital advertising business.

“We expect these trends to continue in 2022, thus we have increased our revenue and EBITDA forecast,” the agency said in a news release.

“Specifically, we expect the company's S&P Global Ratings-adjusted leverage will decline below our 5x upgrade threshold by the end of 2022, which compares with our previous estimate of the mid-5x area.”

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