Global trading communication systems, compliance solutions, and network services provider IPC Corp. executed an amendment with its second-lien lenders. We view this transaction as tantamount to a selective default (SD) because the timing of payments has slowed and we view the offer as distressed. We are lowering our issuer credit rating on the company to 'SD' (selective default) from 'CC' and the issue-level rating on its second-lien debt to 'D' from 'CC'. We are removing the ratings from CreditWatch, where we had placed them with negative implications on July 3, 2019. We will reevaluate the ratings over the next several days to reflect the company's revised capital structure and liquidity position to determine default risk going forward. We consider the
