S&P views Paramount Global negatively

S&P said it changed its outlook for Paramount Global to negative from stable and affirmed its ratings, including the BBB senior unsecured and BB+ junior subordinated debt ratings.

“The negative outlook reflects our expectation that Paramount's leverage will remain elevated above the 3x downgrade threshold through 2023 before potentially improving back toward 3x in 2024. The elevated leverage stems primarily from the increasing content investments and marketing spending to grow Paramount's streaming business and our expectation that segment losses will peak in 2023 before improving (though remaining negative) thereafter,” the agency said in a press release.

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