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S&P changes MasTec outlook to negative
S&P said it changed its outlook for MasTec Inc. to negative from stable.
“MasTec's sequential earnings revisions raise concerns about its ability to achieve 2024 preliminary guidance and reduce leverage. MasTec lowered its earnings guidance for the second time this year by a cumulative $1 billion in revenue and about $325 million in EBITDA for 2023.
“In the near term, the contracted EBITDA relative to prior expectations results in substantially higher leverage, with S&P Global Ratings-adjusted debt to EBITDA rising to about 4x in 2023 and the mid-3x area in 2024 compared with our prior expectation of below 3x and in the low-2x area, respectively,” S&P said in a statement.
The agency said it warned it could downgrade MasTec over the next 12 months unless it ramps up projects and relieves its margins such that, it keeps leverage under 3x.
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