S&P lowers Angi

S&P said it lowered its ratings on Angi Inc. and its $500 million of senior secured notes to B+ from BB-.

“Credit metrics have been weaker through the first six months of the year compared with our previous expectations. We expected the company's S&P Global Ratings'-adjusted EBITDA to decline 15% to 20% from 2020 levels of about $144 million. However, that metric has been negligible through the first half of the year because of higher operating and marketing expenditures, which we expect will persist through remainder of 2021, but improve in 2022,” S&P said in a press release.

The agency noted Angi is in a rebranding campaign, which has led to increased spending on marketing and declining organic site traffic.

The outlook is stable.

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