S&P downgrades Macquarie Infrastructure

S&P said it downgraded Macquarie Infrastructure Corp. and its subsidiary ITT Holdings LLC to BB from BB+.

“We downgraded MIC based on both leverage that will be stressed for the rating in 2020 and 2021 and a revised view of its exposure to macroeconomic forces,” said S&P in a press release.

“We now expect adjusted EBITDA to be 20% lower than our previous forecast in 2020 while adjusted debt to EBITDA approaches 6x this year, declining below 5x in 2021. Deleveraging over the next 12–18 months will be driven mainly by the timing and magnitude of the general economic recovery, and most importantly the return of aviation travel activity and fuel demand to 2019 levels,” the agency said.

The outlook is negative.

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