IAC Inc. has completed its spin-off of Angi Inc. to a fully independent company. Despite the loss of group support from previous parent IAC , we believe Angi?s stand-alone credit profile has improved following a multiyear restructuring effort to refocus its business on attracting and retaining higher-margin service professionals while also focusing on tighter expense management. However, we expect slowing consumer demand given weakening macroeconomic conditions and incremental costs associated with its spin-off from IAC will increase its leverage in 2025. As a result, we revised our outlook to stable from positive. At the same time, we affirmed our ?B? issuer credit rating on Angi. We also affirmed our ?B? issue-level rating on subsidiary Angi Group LLC?s $500 million senior
