IPC Corp. Downgraded To 'B-' On Operational Performance; Outlook Negative - S&P Global Ratings’ Credit Research

IPC Corp. Downgraded To 'B-' On Operational Performance; Outlook Negative

IPC Corp. Downgraded To 'B-' On Operational Performance; Outlook Negative - S&P Global Ratings’ Credit Research
IPC Corp. Downgraded To 'B-' On Operational Performance; Outlook Negative
Published Jun 12, 2017
4 pages (1593 words) — Published Jun 12, 2017
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

Global trading communication systems, compliance solutions, and network services provider IPC Corp. faces narrowing covenant headroom following weaker-than-expected operating performance and continued covenant step-downs. We are lowering our corporate credit rating on IPC to 'B-' from 'B', and removing all ratings from CreditWatch At the same time, we are lowering the issue-level rating on IPC's first-lien debt to 'B-' from 'B'. The recovery rating remains '3'. We are also lowering the issue-level rating on IPC's second-lien debt to 'CCC+' from 'B-'. The recovery rating on this debt remains '5'. The negative outlook reflects narrowing covenant headroom as modest deleveraging is offset by continued covenant step-downs. NEW YORK (S&P Global Ratings) June 12, 2017--S&P Global Ratings today lowered its corporate credit

  
Brief Excerpt:

...+ Global trading communication systems, compliance solutions, and network services provider IPC Corp. faces narrowing covenant headroom following weaker-than-expected operating performance and continued covenant step-downs. + We are lowering our corporate credit rating on IPC to 'B-' from 'B', and removing all ratings from CreditWatch + At the same time, we are lowering the issue-level rating on IPC's first-lien debt to 'B-' from 'B'. The recovery rating remains '3'. + We are also lowering the issue-level rating on IPC's second-lien debt to '###+' from 'B-'. The recovery rating on this debt remains '5'. + The negative outlook reflects narrowing covenant headroom as modest deleveraging is offset by continued covenant step-downs. NEW YORK (S&P Global Ratings) June 12, 2017--S&P Global Ratings today lowered its corporate credit rating on Jersey City, N.J.-based IPC Corp. to 'B-' from 'B'. We removed all ratings from CreditWatch, where we originally placed them with negative implications on...

  
Report Type:

Ratings Action

Issuer
IPC Corp.
GICS
Aluminum (15104010)
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. "IPC Corp. Downgraded To 'B-' On Operational Performance; Outlook Negative" Jun 12, 2017. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/IPC-Corp-Downgraded-To-B-On-Operational-Performance-Outlook-Negative-1866508>
  
APA:
S&P Global Ratings’ Credit Research. (). IPC Corp. Downgraded To 'B-' On Operational Performance; Outlook Negative Jun 12, 2017. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/IPC-Corp-Downgraded-To-B-On-Operational-Performance-Outlook-Negative-1866508>
  
US$ 150.00
$  £  €
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.