Global trading communication systems, compliance solutions, and network services provider IPC Corp. faces narrowing covenant headroom following weaker-than-expected operating performance and continued covenant step-downs. We are placing our ratings on IPC Corp. on CreditWatch with negative implications. We intend to resolve the CreditWatch placement in the coming months as more information becomes available regarding the company's second-quarter financial results and plans to address ongoing covenant step-downs. On Feb. 23, 2017, S&P Global Ratings placed its ratings, including the 'B' corporate credit rating, on Jersey City, N.J.-based IPC Corp. on CreditWatch with negative implications. The CreditWatch placement reflects the potential for a covenant breach of the company's first-lien net leverage covenant over the near term. On March 31, 2017, the covenant
