IBC Capital Ltd.'s (Goodpack) refinancing exercise will alleviate pressure on the company's liquidity and lengthen its debt maturity profile. On Dec. 20, 2022, S&P Global Ratings revised its rating outlook on Goodpack to stable from negative. We affirmed its 'B-' long-term issuer credit rating on Goodpack to reflect the company's high leverage and weak free operating cash flow. We withdrew our ratings on Goodpack's first- and second-lien term loans following the company's full repayment of the loans using the refinancing proceeds. The stable outlook reflects our expectation that Goodpack will continue to expand its business, manage the challenging macroeconomic conditions, and maintain sufficient liquidity over the next 12 months. Goodpack has fully repaid all its outstanding debt using proceeds from
