IBC Capital Ltd. (Goodpack) faces elevated refinancing risks on its term loan and revolving credit facilities, which are falling due within the next 15 months. We believe the increasingly challenging macroeconomic conditions could impede Goodpack's ability to refinance its debt in a timely and economical manner. We are revising the outlook on Goodpack to negative. At the same time, we are affirming our 'B-' issuer credit rating. We are also affirming our 'B-' rating on the senior secured first-lien term loan and 'CCC' rating on the second-lien term loan. The recovery ratings on the first- and second-lien term loans remain unchanged at '3' and '6', respectively. The negative outlook indicates that we may lower our ratings within the next three
