IBC Capital has high leverage and is owned by a financial sponsor. The company also has limited scale, single-product concentration, and heavy exposure to the cyclical tire market. The Singapore-based company's strong market position and profitability support the rating. We are assigning our 'B+' long-term issuer credit rating and 'axBB' ASEAN regional scale rating to IBC Capital. We are also assigning our 'B+' long-term issue rating to the company's proposed first-lien term loan and our 'B-' long-term issue rating to its proposed second-lien term loan. The stable outlook reflects our view that IBC Capital will maintain its solid operating performance and reduce leverage over the next 12-24 months. SINGAPORE (Standard&Poor's) July 22, 2014--Standard&Poor's Ratings Services said
