NEW YORK, July 13, 2023 /PRNewswire/ -- Stagwell (NASDAQ: STGW), the challenger network built to transform marketing, today shared that Moody's Investors Service (Moody's) has raised its outlook on Stagwell from stable to positive and affirmed its B1 corporate family rating, B1-PD probability of default rating (PDR), and B2 senior unsecured notes rating.
In a release from Moody's, analyst Mikhil Mahore commented, "The positive outlook reflects our expectations that growing scale, improved operating profile and recent cost reduction measures will support Stagwell in maintaining financial leverage below 4x at year-end-2023 and through 2024, despite macroeconomic pressures."
The full release from Moody's can be found here.
"A year ago, we were awarded an upgraded corporate family rating; today, our newly raised outlook is another welcomed recognition of our progress as we approach Stagwell's second anniversary," said Stagwell Chairman and CEO Mark Penn.
Stagwell will report financial results for the three months ended June 30, 2023, on Tuesday, Aug. 8, before market open. Register here for the earnings webcast taking place 8:30 AM ET the same day.
About Stagwell
Stagwell is the challenger network built to transform marketing. We deliver scaled creative performance for the world's most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 13,000+ specialists in 34+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com.
IR Contact:
Ben Allanson
ir@stagwellglobal.com
PR Contact:
Sarah Arvizo
pr@stagwellglobal.com
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SOURCE Stagwell Inc.