In our view, IBC Capital's deleveraging prospects have reduced, given the company's weak operating performance in fiscal 2015 and limited potential for a material market rebound. In addition, IBC Capital's financial policy from controlling shareholder KKR could be more aggressive than we had anticipated. We are revising our outlook on IBC Capital to negative from stable. At the same time, we are affirming our 'B+' long-term corporate credit rating on the Cayman Island-incorporated holding company and all our long-term issue ratings on its debt. In line with the outlook revision, we are lowering our long-term ASEAN regional scale rating on IBC Capital to 'axBB-' from 'axBB'. On July 30, 2015, Standard&Poor's Ratings Services revised its outlook on IBC
