IBC Capital's leverage will likely stay elevated over the next 12 months despite moderately higher EBITDA and contained spending. We are lowering our long-term corporate credit rating on the Cayman Island-incorporated holding company to 'B' from 'B+'. We are also lowering our issue rating on the company's first-lien term loan to 'B' from 'B+' and our issue rating on the company's second-lien secured notes to 'CCC+' from 'B-'. At the same time, we are affirming our 'axBB-' long-term ASEAN regional scale rating on the company. The stable outlook reflects our expectation that IBC Capital's leverage will remain high through 2018, such that the debt-to-EBITDA ratio stays above 5.5x despite a modest increase in EBITDA. On Dec. 6, 2016, S&P Global
