Limited growth in the rubber transport business. Increasing competition in IBC services. Single-product concentration and heavy exposure to the cyclical tire market. Strong position as a global IBC pooling service provider for rubber transport. High leverage, with modest deleveraging prospects. Ownership by a financial sponsor. Positive free operating cash flows. The stable outlook reflects our expectation that IBC Capital Ltd.'s leverage will remain high through 2018, such that the debt-to-EBITDA ratio stays above 5.5x despite a modest increase in EBITDA. We believe a downgrade is unlikely over the next 12 months. However, we may lower the rating on IBC Capital if the company's EBITDA interest coverage stays below 1.75x. This would require EBITDA to fall 30%-50% below our base case,
