S&P revises CoStar outlook to stable

S&P said it revised its outlook for CoStar Group Inc. to stable from positive and affirmed its BB+ issuer rating.

“Our outlook revision reflects our expectation EBITDA margins will decline 900 basis points in 2023 to support large residential segment investments. While we view CoStar's organic investment program favorably and expect the investments will be accretive to earnings over the long term, the investments carry the risk of execution missteps and operational errors in the near term. This could delay CoStar in expanding its EBITDA base to a scale commensurate with investment-grade peers,” S&P said in a press release.

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