IBC Capital is refinancing existing term loans in a transaction that is neutral on its leverage and extends the debt maturity profile. The company's leverage and interest coverage will remain in line with our expectations. We are affirming our long-term issuer credit rating on the Cayman Island-incorporated holding company at 'B'. We are also assigning our 'B' issue rating on the company's first-lien term loan and our 'CCC+' issue rating on the company's second-lien secured notes and affirming the existing issue ratings. The stable outlook on the long-term issuer credit rating reflects our expectation that IBC Capital's debt-to-EBITDA ratio could stay above 5.5x over the next 12 months, despite a modest increase in EBITDA. On May 29, 2018, S&P Global
