S&P lifts IAC/InterActive view to positive

S&P said it affirmed the BB corporate credit rating on IAC/InterActiveCorp. and revised the outlook to positive from stable.

The agency also said it affirmed the BB rating on the company's senior unsecured notes and revised the recovery rating to 3 from 4, indicating 50% to 70% expected default recovery.

The positive outlook reflects an expectation for improved credit measures and revenue diversification in 2018, driven by robust revenue and EBITDA growth at Match Group and ANGI Homeservices, S&P explained.

Performance by Match Group and ANGI Homeservices has been strong with double-digit percentage revenue growth and expanding EBITDA margins, the agency said.

Despite headwinds faced by the company's publishing and applications segments that continued to hurt revenue growth in 2017, S&P said it expects both will modestly increase EBITDA in 2018, supported by tight cost controls.

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