Research Update: IPC Corp. Upgraded To 'CCC+' From 'SD' Following Execution Of Amended Credit Agreement; Outlook Negative

We have completed our review of global trading communication systems, compliance solutions, and network services provider IPC Corp. following the successful execution of its amended credit agreement. On Nov. 26, 2019 S&P Global Ratings raised its issuer credit rating on IPC to 'CCC+' from 'SD' (selective default). The upgrade reflects our view that although the company's liquidity position has improved, we continue to view the capital structure as unsustainable long term absent significant improvement in business conditions. At the same time, we are raising our issue-level rating on the company's second-lien debt to 'CCC' from 'D'. The '5' recovery rating remains unchanged. In addition, we are affirming our 'CCC+' issue-level rating on the company's first-lien debt, which was unaffected by

...- We have completed our review of global trading communication systems, compliance solutions, and network services provider IPC Corp. following the successful execution of its amended credit agreement. - On Nov. 26, 2019 S&P Global Ratings raised its issuer credit rating on IPC to '###+' from '##' (selective default). The upgrade reflects our view that although the company's liquidity position has improved, we continue to view the capital structure as unsustainable long term absent significant improvement in business conditions. - At the same time, we are raising our issue-level rating on the company's second-lien debt to '###' from 'D'. The '5' recovery rating remains unchanged. - In addition, we are affirming our '###+' issue-level rating on the company's first-lien debt, which was unaffected by the restructuring. The '3' recovery rating remains unchanged. - The negative outlook reflects the potential for a lower rating if we believe a default or distressed exchange in likely over the...

Research Update