Credit rating firm Moody’s Investors Service  has raised its outlook on Stagwell from stable to positive.   

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.”   

Stagwell CEO Mark Penn commented, “our newly raised outlook is another welcomed recognition of our progress as we approach Stagwell’s second anniversary.” Penn founded Stagwell Group in 2015. It merged with MDC Partners and went public in August of 2021.   

Stagwell will report second quarter financial results on Aug. 8.