Global trading communication systems, compliance solutions, and networking services provider IPC Corp. has completed a distressed restructuring. S&P Global Ratings lowered its issuer credit rating on IPC to 'SD' (selective default) from 'CCC-'. We also lowered our ratings on the company's second-lien debt to 'D' because lenders are receiving less than the original promise. The downgrade of the company and its second-lien debt follows IPC's announcement that it has recapitalized its business by granting 2nd lien debt holders equity in the company in exchange for eliminating previous claims. This distressed exchange agreement results in a reduction of more than $400 million of the company's debt. While this will improve the company's credit metrics going forward, we believe holders of 2nd
