S&P downgrades IAE

S&P said it lowered the issuer credit rating on Infrastructure and Energy Alternatives Inc. (IAE) to B- from B+.

The agency also said it lowered the ratings on the company's term loan to B- from B+.

Despite a growing backlog, Infrastructure IAE's cash flow was weaker than expected following a challenging 2018, S&P said, and debt leverage increased above previously expected levels.

The agency said it believes the company's operating performance could gradually improve in 2019 if the company does not face further weather and operational disruptions, improving debt leverage to 6x at year-end.

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