S&P moves Madison IAQ view to positive

S&P said it changed its outlook for Madison IAQ LLC to positive from stable and affirmed all its ratings, including its CCC senior unsecured ratings.

“We forecast Madison IAQ's S&P Global Ratings-adjusted leverage will improve to the low- to mid-6x area by the end of 2023, improving further in 2024. Madison IAQ's S&P Global Ratings-adjusted leverage decreased to 6.6x as of June 30, 2023, from 7.6x as of Dec. 31, 2022, as solid EBITDA margin growth in the first half of the year drove higher year-over-year EBITDA despite a 4.9% decline in revenue,” the agency said in a press release.

S&P said it estimates Madison IAQ’s full-year 2023 S&P Global Ratings-adjusted EBITDA margin will widen about 350 basis points to close to 22% and stay at that level in 2024.

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