S&P snips Madison IAQ

S&P said it downgraded Madison IAQ LLC’s ratings a notch, including its senior unsecured notes to CCC from CCC+.

“We believe the weakening macro environment will reduce MIAQ's revenue and EBITDA in 2023 and prevent it from reducing its high S&P Global Ratings-adjusted leverage. Our forecast that the company's S&P Global Ratings-adjusted leverage will remain in the high-7x area through 2023 incorporates our expectation its revenue and EBITDA will decline modestly in 2023 because its volumes will be negatively affected by softening demand in the residential and non-residential construction markets,” S&P said in a press release.

The agency said it forecasts the issuer’s revenue will decline by the low- to mid-single-digit percent area in 2023.

The outlook is stable.

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