Global trading communication systems, compliance solutions, and network services provider IPC Corp.'s recent amendment to its credit agreement provides for adequate cushion to its maximum first-lien net leverage ratio covenant. We are affirming our 'B-' corporate credit rating on IPC and revising the rating outlook to stable from negative. We are assigning a 'B-' issue-level and '3' recovery rating to IPC's new $293 million first-lien term loan. The term loan was used to prepay a portion of IPC's existing outstanding term B-1 loans and pay related fees and expenses. The stable outlook reflects increased covenant headroom as a result of the recent amendment and our expectation for low- to mid-single-digit percent EBITDA growth due to continued cost savings initiatives with
