Research Update: Angi Inc. Outlook Revised To Positive On Lower Leverage And Improved Cash Flow; 'B' Rating Affirmed - S&P Global Ratings’ Credit Research

Research Update: Angi Inc. Outlook Revised To Positive On Lower Leverage And Improved Cash Flow; 'B' Rating Affirmed

Research Update: Angi Inc. Outlook Revised To Positive On Lower Leverage And Improved Cash Flow; 'B' Rating Affirmed - S&P Global Ratings’ Credit Research
Research Update: Angi Inc. Outlook Revised To Positive On Lower Leverage And Improved Cash Flow; 'B' Rating Affirmed
Published Sep 28, 2023
9 pages (3283 words) — Published Sep 28, 2023
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Angi Inc. has undergone a multiyear process to restructure its business and reduce costs to improve cash flow and lower its leverage. We now expect Angi's S&P Global Ratings-adjusted gross leverage will decline to the 6x upgrade threshold, and its free operating cash flow (FOCF) to debt will improve to 10% by the end of 2024. We therefore revised the outlook to positive and affirmed our 'B' issuer credit rating. The positive outlook indicates that we could raise our ratings on Angi if the company is able to demonstrate a track record of leverage below 6x and FOCF to debt above 5% on a sustained basis. Additionally, Angi has made a concentrated effort to refocus its business on attracting and

  
Brief Excerpt:

...- Angi Inc. has undergone a multiyear process to restructure its business and reduce costs to improve cash flow and lower its leverage. - We now expect Angi's S&P Global Ratings-adjusted gross leverage will decline to the 6x upgrade threshold, and its free operating cash flow (FOCF) to debt will improve to 10% by the end of 2024. - We therefore revised the outlook to positive and affirmed our 'B' issuer credit rating. - The positive outlook indicates that we could raise our ratings on Angi if the company is able to demonstrate a track record of leverage below 6x and FOCF to debt above 5% on a sustained basis....

  
Report Type:

Research Update

Issuer
Angi Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Angi Inc. Outlook Revised To Positive On Lower Leverage And Improved Cash Flow; 'B' Rating Affirmed" Sep 28, 2023. Alacra Store. May 10, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Angi-Inc-Outlook-Revised-To-Positive-On-Lower-Leverage-And-Improved-Cash-Flow-B-Rating-Affirmed-3062024>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Angi Inc. Outlook Revised To Positive On Lower Leverage And Improved Cash Flow; 'B' Rating Affirmed Sep 28, 2023. New York, NY: Alacra Store. Retrieved May 10, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Angi-Inc-Outlook-Revised-To-Positive-On-Lower-Leverage-And-Improved-Cash-Flow-B-Rating-Affirmed-3062024>
  
US$ 225.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.