...NEW YORK (Standard & Poor's) Feb. 2, 2015--Standard & Poor's Ratings Services said today that its corporate credit rating on IPC Corp. (B/Stable) remains unchanged following the $40 million upsizing of the company's proposed first-lien senior secured term loan to $595 million from $555 million and the concurrent offsetting $40 million reduction of the proposed second-lien senior secured term loan to $305 million from $345 million. The issue-level rating on the first-lien term loan remains 'B' with a recovery rating of '3' indicating our expectation for meaningful recovery (50% to 70%; low end of the range) in the event of payment default. Similarly, the issue-level rating on the second-lien term loan remains 'B-' with a recovery rating of '5' indicating our expectation for modest recovery (10% to 30%; low end of the range) in the event of payment default. For the complete corporate credit rating rationale, see our research update on IPC Corp., published Jan. 7, 2015, on RatingsDirect. RELATED...
