Madison IAQ LLC continued to decrease its S&P Global Ratings-adjusted debt to EBITDA in 2023 through solid EBITDA growth and cash flow, with year-end 2023 S&P Global Ratings-adjusted leverage of 5.9x. This provides cushion relative to our downside threshold at the ?B? rating. We forecast the company will maintain S&P Global Ratings-adjusted leverage around the mid-5x range over the next year, supported by continued, albeit moderating, EBITDA growth and cash generation. Therefore, we raised our ratings one notch on Madison IAQ, including our issuer credit rating to ?B?, from ?B-?. The stable outlook reflects our forecast for modest EBITDA growth and good free cash flow generation over the next year, resulting in S&P Global Ratings-adjusted leverage in the mid-5x area,
