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S&P lowers Angi
S&P said it downgraded its ratings for Angi Inc. and its $500 million of senior unsecured notes to B from B+.
“We do not expect Angi to have significant improvement in credit metrics until 2024. We expect Angi to generate negative $20 million to negative $30 million of S&P Global Ratings-adjusted EBITDA in 2022, following negative $7 million of EBITDA in 2021, and $144 million of EBITDA in 2020. The steep decline in profitability the past two years has been due to elevated marketing spending to support the company's rebranding campaign, higher investment expenditures and pricing volatility in its Angi Services business, and low demand for Angi Ads and Leads due to service providers' high organic demand,” the agency said in a press release.
Next year, S&P said it estimates Angi to post $45 million to $55 million of S&P Global Ratings-adjusted EBITDA as expense growth moderates, it garners returns from its rebrand and its services unit investment.
The outlook is stable.
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