S&P cuts Dotdash Meredith

S&P said it downgraded its ratings for Dotdash Meredith Inc. and its $1.25 billion senior secured term loan to B+ from BB- and removed them from CreditWatch where they were placed with negative implications on Oct. 7.

“Dotdash Meredith Inc. is underperforming our prior expectations due to integration delays, elevated restructuring costs, and macroeconomic pressures, and as a result, we expect leverage to remain above what we consider appropriate for a BB- rating.

“We also expect the company to end 2022 with S&P Global Ratings-adjusted net leverage of about 9x, improving toward 5x by the end of 2023, compared to our initial expectations of about 4.5x in 2022 and below 4x in 2023,” the agency said in a press release.

The outlook is stable.

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